Sat Feb 24, 2007

Zabeel acquires stake in National Bonds Corporation's initiative Madaares

Stresses the role of education in the UAE`s continued prosperity

Zabeel has announced it is taking a stake in Madaares, a private joint stock company launched by National Bonds Corporation (NBC) to raise educational standards in the UAE. Although NBC continues to lead the project, a selection of strategic corporate investors and individuals are now on board. Zabeel, in keeping with its ongoing support of education in the region, is among these investors.

"With a booming economy and expanding infrastructure comes an increasing need for a skilled and educated regional workforce. By providing our youths with a world class education, we are truly investing in our future. Education is the foundation of any strong economy." said His Excellency Mohammed Ali Al Hashimi, Zabeel` Executive Chairman.

The focus of the Madaares initiative is the region`s primary and secondary school system. Research shows that student numbers in the UAE rose by over 74,000 in the five years between 1999 and 2004. During this period, more than a hundred new schools opened. "However, there remains a significant need for more schools to cater to the growing population and to ensure school curricula maintain the highest standards," said Al Hashimi. "By 2014, Madaares aims to open up to 20 primary and secondary schools within the UAE, 14 of which are scheduled within the next 5 years."

Al Hashimi has long stressed the importance of providing children with a comprehensive, balanced education, taught in well equipped facilities by qualified individuals. "First-rate primary and secondary schools will be a vital component of the region`s continuous success," he said. "Madaares will set new standards in the education sector, offering both UAE nationals and expatriates first class tuition and resources."

Nasser Hassan Al-Shaikh, Chairman of the Madaares Founders Committee, lauded Zabeel` involvement in the initiative. "In Madaares, we have embarked on an ambitious and necessary overhaul of the region`s schooling system. We are delighted to have an organization like Zabeel involved with us. Madaares is a uniquely worthy undertaking."

Al Hashimi concluded: "Our investment in the Madaares initiative is part of Zabeel` longstanding commitment to education in the region. We will soon unveil further plans to enhance the UAE`s education system, one of the many projects included in our 2007 portfolio."