Page 96 - ALEF EDUCATION PR REPORT - JUNE 2024

“We are very pleased to be the first EdTech company to list in the UAE, which will help
facilitate investor access to a promising new economy industry,” said Abdulhamid
Mohammed Saeed Alahmadi, Chairman of the Board of Directors.

“Education is a cornerstone of societal and economic advancement, and Alef Education
is proud to be creating innovative artificial intelligence solutions that help improve
academic outcomes at a time of widening educational gaps worldwide. The rapid
success of Alef Education also reflects the environment the Abu Dhabi government has
created to nurture tech startups and to support their capital markets journeys.”

Founded in 2016, Alef Education has rapidly grown to become a trusted EdTech partner
for governments and schools across the UAE, United States, Indonesia and Morocco.
Its award-winning AI platform provides personalised learning for over 1.1 million
students in around 7,000 schools.

CEO Geoffrey Alphonso said the massive IPO demand “is a vote of confidence in the
Company’s strong fundamentals and attractive growth prospects.”

“As an established EdTech player with a strong track record of success…Alef Education
stands to benefit from further scale as a market leader,” Alphonso stated.

At the market open bell-ringing ceremony, Alahmadi and Alphonso were joined by ADX
chairman Ghannam Butti Almazrouei and chief executive Abdulla Salem Alnuaimi, as
well as Alef Education’s board and senior executives.

Alef Education’s dividend payout plans

With an AED9.45 billion market capitalisation, Alef Education plans to pay shareholders
a minimum annualised dividend of AED135 million for 2024 and 2025 performance.

The company’s public listing opens a new chapter for the EdTech unicorn and the UAE
capital markets.

https://www.arabianbusiness.com/markets/equities/ipo/abu-dhabis-alef-education-rings-adx-
bell-after-20bn-ipo-order-book-shatters-demand