Amanat Education IPO Saudi: Dubai-listed Unit Gets Approval

The Amanat Education IPO Saudi has taken a major step forward. Dubai-listed Amanat Holdings announced that its education arm, Almasar Alshamil Education (formerly Amanat Education), has received approval from Saudi Arabia’s Capital Market Authority (CMA) to list on the Saudi Exchange (Tadawul). This approval means the company is now preparing to sell 30 percent of its shares to investors through an initial public offering.

What the IPO Means

The Amanat Education IPO Saudi involves listing 30,720,400 shares, equal to 30 percent of Almasar Education’s total capital. This move will open the doors for both institutional and retail investors in Saudi Arabia to take part in the company’s growth story. A detailed prospectus will be released before the subscription period, outlining financial performance, governance, and potential risks.

Almasar Education is a wholly owned subsidiary of Amanat Holdings, which invests mainly in healthcare and education. By spinning off part of its education arm through this IPO, Amanat aims to unlock value for shareholders, bring in fresh capital, and give investors a chance to be part of an expanding education platform in the Gulf.

Almasar Education’s Business Profile

To understand why this IPO is important, it helps to know more about Almasar Education’s operations and assets.

Portfolio and Assets

Almasar Education owns and operates a mix of institutions across higher education, special education, and strategic holdings. Key assets include:

Human Development Company (HDC), where Almasar holds a 60 percent stake. HDC is the largest private provider in Saudi Arabia for Special Education Needs (SEN), offering education, medical, and rehabilitation services.
Middlesex University Dubai, which is 100 percent owned by Almasar. This is the first overseas campus of Middlesex University from the UK.
NEMA Holding, in which Almasar owns a 35 percent stake. NEMA operates several universities in Abu Dhabi, Al Ain, and Dubai.

Through these holdings, Almasar Education serves more than 23,000 students and beneficiaries across Saudi Arabia and the UAE.

Financial Performance and Growth

Almasar has been showing strong growth. For the first six months of 2025, it reported a 23 percent year-on-year revenue increase. This growth was driven by higher enrolments and the expansion of services in both higher education and special needs education.

The company’s future plans include:

Expanding the network of SEN centers across Saudi Arabia
Increasing higher education enrolments in its universities
Introducing residential SEN services, combining education with housing and care support

Almasar aligns its strategy with national goals in both Saudi Arabia and the UAE, focusing on building human capital, improving education access, and raising quality standards. Its parent, Amanat, also has a track record of unlocking value, having sold an education real estate asset for AED 453 million, generating a net cash return of AED 294 million.

Why This IPO Matters

The Amanat Education IPO Saudi is not just another listing. It carries importance for Saudi capital markets, the education sector, and regional investors.

Boosting Saudi’s Capital Market

Saudi Arabia has been actively pushing to expand its stock market and encourage more companies from different sectors to list on Tadawul. Having an education-focused firm join the exchange broadens the range of opportunities available for investors and deepens market diversity. It also shows Saudi regulators are open to cross-border companies with operations in more than one country.

Growth of the Education Sector

Education, especially special needs education, remains underdeveloped in many Gulf countries. The IPO will shine a spotlight on this sector, potentially bringing more private sector investment and raising service standards. In Saudi Arabia, where demand for SEN services is growing quickly, Almasar’s expansion could fill an important gap.

Attracting Investors and Unlocking Value

For Amanat, this IPO provides a way to unlock value from its education arm while still retaining majority ownership. For investors, it offers exposure to a company that combines higher education, special needs education, and rehabilitation services. Analysts have suggested the IPO could raise hundreds of millions of dollars, giving Almasar the resources to expand further.

Strengthening GCC Economic Ties

The IPO also reflects stronger economic ties between the UAE and Saudi Arabia. By listing a Dubai-owned education company on Tadawul, both countries are moving closer in terms of business integration and regional cooperation.

Key Challenges to Watch

While the IPO has many positives, there are also risks and challenges.

Regulatory and Governance Issues

Operating across borders means Almasar must comply with different regulations in Saudi Arabia and the UAE. It also needs to ensure clear corporate governance and disclosure standards once it becomes a publicly traded company.

Investor Appetite and Market Conditions

The IPO market can be unpredictable, and education sector listings are relatively new in the region. Investor interest will depend heavily on how the IPO is priced and marketed. Overpricing could reduce demand, while undervaluing could leave money on the table.

Execution and Expansion Risks

Scaling special needs education centers and launching residential services requires heavy investment, skilled staff, and strong regulatory support. At the same time, competition in higher education remains strong, particularly from government-backed institutions.

The IPO Timeline

While the exact dates are yet to be announced, the typical process includes:

Publishing the prospectus and receiving final regulatory clearance
Opening the subscription period for institutional and retail investors
Price discovery and share allocation
Official listing and trading on Tadawul
Regular financial reporting and compliance as a listed entity

Amanat had previously hired SNB Capital to manage the IPO process, aiming for completion in 2025 or early 2026, depending on regulatory and market conditions.

Impact on Stakeholders

Amanat Holdings

For the parent company, the IPO provides partial monetization of its education business, a chance to recycle capital, and an opportunity to highlight the value of its education portfolio separately from healthcare and other sectors.

Investors

Investors will gain access to a unique blend of higher education and special needs services. With a 30 percent float, the IPO should attract both institutional and retail investors while allowing Amanat to maintain control.

The Education Sector

The listing will raise awareness about private education and could encourage more investment in SEN and higher education. For students and families, this could eventually mean better quality services and more choices.

SWOT Analysis of the IPO

Strengths:

Diversified portfolio in higher education and SEN
Strong revenue growth and enrolment increases
Backed by a well-known parent company

Weaknesses:

Complex governance due to cross-border structure
Dependence on regulatory approvals
Execution risks in new service areas

Opportunities:

Expanding SEN centers in Saudi Arabia
Developing residential SEN services
Expanding into other Gulf countries

Threats:

Policy or regulatory changes in education
Market downturns affecting investor appetite
Competition from established players

Comparison With Regional Peers

Other Gulf education companies, such as Taaleem Holdings and Alef Education, have also explored IPOs. However, Almasar Education stands out because it combines higher education and SEN services, making it more diversified than many of its peers. It also has a unique cross-border structure, with ownership in the UAE but a planned listing in Saudi Arabia.

Final Outlook

The Amanat Education IPO Saudi marks a significant milestone for both Amanat Holdings and the broader education sector in the Gulf. It offers investors a chance to back a growing, diversified education platform at a time when demand for higher education and special needs services is increasing. While challenges remain around regulation, execution, and market sentiment, the IPO could set the stage for more education-related listings in the region and strengthen economic ties between Saudi Arabia and the UAE.

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