Schools operator signs new deals in UAE
A Stockport schools operator has signed a deal involving two properties in the United Arab Emirates (UAE).
Manazel Real Estate, a leading UAE real estate company, today announced the signing of the deal with Orbital Education, which involves Orbital leasing and managing two schools in Manazel’s mixed-use development communities of Al Reef 1 and Al Reef 2 for a period of 25 years.
The school in Al Reef 1 will accommodate 2,500 students from early years through to Grade 13, with its opening scheduled for 2020.
The school in Al Reef 2 is scheduled to open in 2021 and will serve around 1,100 students from early years through to Grade 6.
Both schools will be operated in accordance with the English National Curriculum.
Following the successful launch of the Al Reef 1 community in 2006, which is now home to 17,000 residents, Manazel launched Al Reef 2 in 2014.
This second development, which consists of 860 duplex villas and is located in Al Samha, has a central hub offering community facilities such as schools, retail and food and beverage outlets, clinics and public parks.
Handover of the project began in the second half of this year and is expected to be fully handed over by the end of 2019.
Manazel’s chief executive, Yaqoob Al Doseri, said: “We are delighted to announce this new deal with Orbital Education, which reinforces our commitment to providing residents of Al Reef 1 and 2 with fully-integrated community services.
“We believe that the new school is well positioned for long term success, given the fact Al Reef 1 alone has approximately 5,000 children, which will create steady demand.
“We expect similar demand from Al Reef 2 in the years ahead.”
He added: “We remain committed to delivering long term shareholder value, as we continue to strengthen and diversify our recurring revenue streams, and we look forward to reporting on further progress in due course.”
Kevin McNeany, chairman of Orbital Education, said: “We look forward to working closely with the Manazel team and to managing these community schools in the years ahead as we anticipate high levels of demand from expatriate families seeking internationally-accredited quality education.”
Orbital Education owns and operates a growing group of international schools across the globe that cater for students between the ages of two and 18 years.
It specialises in delivering the English National Curriculum, enhanced to meet the needs of an internationally diverse student population.