Almasar Alshamil plans Gulf expansion after $160m float

• Education provider listed in December
• Runs SEN schools and universities 
• ‘Ultimate goal’ to tap K-12 sector

Saudi education provider Almasar Alshamil wants to nearly double the size of its special educational needs centre portfolio over the next three years and expand its higher education business, following its recent IPO. 

The specialist education provider floated on the Tadawul last month and raised $160 million.

It is now drawing up a growth plan under which it may diversify into the mainstream K-12 (primary and secondary education) sector, its chief executive Majed Al Mutairi told AGBI. 

“We’ve always told our investors we want to be an end-to-end education company delivering from early years to higher education, offering special needs provision across these platforms – that’s the ultimate goal,” he said. 

Almasar Alshamil, supplied

Its share price of SAR22.85 has increased by nearly a fifth since the listing.

Through its special needs division, Human Development Company, Almasar Alshamil operates 39 SEN daycare centres, 24 schools and three clinics in Saudi Arabia, serving nearly 8,000 people. 

It intends to add four new schools and grow the centres portfolio to up to 70 by 2029, including at least four in 2026, and launch residential centres as well as daycare, Al Mutairi said. 

The strategy is in line with a Saudi government drive to expand privatisation of specialist and mainstream education to improve quality and accessibility. New regulations are being finalised and there is a SAR1 billion opportunity to take over management of 8,000 SEN places from the public sector, according to Al Mutairi. 

There is a 100,000-person gap in SEN provision across the kingdom, he added, citing a 2024 Euromonitor study Almasar commissioned ahead of its IPO, that said: “Demand will continue to be strong, driven by shifting mindsets and increased societal acceptance of special needs, as well as regulatory support to address market obstacles.” 

There is a gap between the quality of some providers and the benchmark set by regulators, and there are geographical variations, Al Mutairi said. 

Almasar Alshamil is also looking to launch its special needs offering in the UAE, where provision to date has been largely through the public sector. The government has sought to encourage more private providers under programmes such as the 2020 Inclusive Education Policy. 

Almasar’s UAE business presently is in higher education: it operates Middlesex University Dubai and has a minority 35 percent stake in Nema Holding, which owns Abu Dhabi University and Liwa University. 

The company plans to expand to Saudi Arabia and is awaiting confirmation of three operating licences, including the establishment of Heriot-Watt University. 

“There is huge demand for higher education, especially international schooling and training in subjects aligned with Vision 2030 goals,” Al Mutairi said. 

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Shehzad Jamal, partner in education at real estate consultancy Knight Frank, said: “The government is pivoting towards vocational and technical training to develop a more job-ready workforce and address skills mismatches. 

“The policy direction is clear: rather than pursuing generalist degrees, students are being encouraged to enrol in programmes that deliver direct employability outcomes. We expect continued market development and opening in 2026 and beyond.”

In Saudi Arabia there are also opportunities for the private sector to play a greater role in K-12 education, said Al Mutairi. The kingdom has among the Gulf’s lowest rate of students attending private schools – around 15 percent – despite being its largest market, according to Colliers. 

The kingdom has struggled to achieve global average scores for student attainment over the past decade and hopes privatisation will boost outcomes.  

“There’s a shift from public to private across all education sectors,” said Al Mutairi. “This, plus the influx of expats and the kingdom’s aim to be a hub for international students, will be key drivers for us.”