Al Hosn Investment Company (HIC), the joint state-owned investment company by the Sultanate's government and the State of Qatar, signed a deal valued at 1.6 million Omani Rials where it acquired 16 percent of Alruwad International School.
With the Sultanate’s population growing steadily, exceeding 4.35 million as of January 2016 according to NCSI, the need for significant investment in education was aligned with the company’s objective framework.
Sheikh Faisal Amer Al Hosni, HIC’s vice chairman of the Board of Directors, said: “The objective of the deal acts as an embodiment to our objectives as a company, where we aim at contributing to the development of Oman through its various sectors including the services sector”.
He added: “In line with the government’s vision of expanding the provision of education, we recognize the importance of broadening the base of investment in these areas. This deal marks our commitment to the future of our nation to become HIC’s first of its kind initiative in the education sector”.
Echoing this, Ramzi Schumann, acting CEO of HIC said: ‘In light of the social, economic and technological shift witnessed by the world today, coupled with the drop in oil prices and the variables of the labor market, investing in education is one of the best solutions to keep pace with the newer generation and play a key role in solving issues of unemployment.
He noted that the company is considering investing in several economic sectors in the country according to many of the economic determinants and in line with the aspirations of the government to increase investment in critical sectors provided it adds value to the national economy and the people of Oman.