Abu Dhabi - Mubasher: The Abu Dhabi Fund for Development (ADFD) has awarded AED 53 million in financing on preferential terms to Bloom Education, making the company one of the first beneficiaries of the fund’s AED 1 billion initiative launched in 2020.
The drive was aimed at supporting national companies operating in vital economic sectors, according to a press release on Thursday.
ADFD’s Director-General, Mohamed Saif Al Suwaidi, said, “Education is of critical importance to us, especially as the UAE focuses on building a knowledge economy […] The fund places the national economy as a top priority. Emirati companies are the key drivers of our economy and we are committed to supporting them.”
Member of the Board of Governors of Brighton College in the UAE, which are operated by Bloom Education, Rashid Khalfan bin Amer Althakhri, stated, “This is a recognition of our continuous effort to strengthen the UAE’s education sector. The financing will help us perform better as we make bigger plans for the future.”
Bloom Education is one of the UAE’s leading companies in the education sector. It opened its first school in 2011 and now operates eight schools.
To qualify for funding under the AED 1 billion initiative, a company must be registered in the UAE, while its annual returns should be no less than AED 80 million.
The initiative is one of several measures taken by the ADFD to support the national economy and encourage joint investment in developing projects and implementing them on a global scale.
