Page 196 - ALEF EDUCATION PR REPORT MAY 2024

5/22/24, 2:23 PM Alef Education Holding To List On ADX With Upcoming IPO - OneArabia

The Internal Shariah Supervision Committee of First Abu Dhabi Bank PJSC has confirmed that the offering complies with

Shariah principles. However, investors are advised to conduct their own due diligence to ensure compliance with their
specific requirements.

Potential Adjustments and Trading Date

The Selling Shareholders reserve the right to amend the size of the offering before the end of the subscription period,

subject to applicable laws and approval from the Securities and Commodities Authority (SCA) in the UAE. Admission of

shares to trading on ADX is anticipated around 12th June 2024.

Leadership Comments

Abdulhamid Mohammed Saeed Alahmadi, Chairman of Alef Education's Board of Directors, remarked on the company's

growth and trust built with international governments and partners. He highlighted Alef Education's readiness to become a

publicly listed company, emphasizing its unique position as the first EdTech company to be listed in the UAE.

Geoffrey Alphonso, Chief Executive Officer of Alef Education, noted that their growth has been supported by the UAE

government's focus on quality education and increased fiscal spending. In 2023, over 15% of the UAE federal budget was
allocated to education. This trend is consistent across the MENA region, which allocated an average of 4% of GDP towards

education spending in 2022.

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