GCC Education Sector Report · 2017. 2. 16. · Title: Microsoft PowerPoint - GCC Education Sector...

1© Ardent AdvisoryGCC Education Sector Report

GCC Education SectorA growing opportunitySeptember 2015

© Ardent Advisory & Accounting


Table of Contents

Topics Page Number

Foreword 4

Key Takeaways 5

Market Overview 7

Investment Thesis 9

K-12 Education 12

Tertiary Education and Vocational Training 15

Country Profiles 17

United Arab Emirates 17

Saudi Arabia 20

Qatar 22

Kuwait 24

Oman 26

Bahrain 28


ForewordGCC education sector, historically driven byGovernment investment, is evolving into a maturemarket, where large major global investors andoperators are vying for market share. GCCGovernments have opened up education sectorand brought in private sector friendly policies,providing rebates and reliefs. Efforts have led tosignificant increase in private sector enrolments,both in K-12 and tertiary education. Changingpreference of local population along withincreasing expat population is also providingnecessary demand side drivers to private sector.We estimate current GCC’s K-12 education marketto be at US$67 billion, of which the private sectoraccounting for 12 per cent i.e. US$8.1 billion.

UAE continue to lead the region in educationstandards and infrastructure. Its open and forwardlooking policies has made it one of the attractivedestination for international curriculum schoolsand colleges. UAE boasts of over 500 privateinternational schools with nearly half a millionenrolments. The sector continue to develop underUAE’s Vision 2021 plan, which prioritizesdevelopment of human capital as key to adiversified, knowledge-based economy. Thecountry is also slowly becoming education hubcatering to students from various nationalities.Easy to obtain visa and presence of largeinternational universities are helping the trend.

KSA, comprising of 75 percent of total GCCenrolments, spends highest (in value as well aspercentage of GDP) in the region on education.Government allocated US$3.7billon in 2015 towardthe construction of 164 new projects as well as torehabilitate 500 existing school buildings andcollege campuses. Government have also scaled-up investments in the tertiary education andvocational education with an eye on skill buildingof local workforce and improvement inemployability. Government has launched a newUS$21.3 billion five-year plan for the developmentof its tertiary education. The Kingdom has alsorecently implemented reforms to openinginternational schools to national students. Thegovernment seeks to increase private enrolmentsto 30 per cent by 2018 with a provision ofpreferential funding to set up private universities.

GCC education sector is estimated to receive totalinvestments of US$90 billion in next 2–3 years. KSAalone plans to establish 465 new schools, refurbish1,500 and complete 1,544 existing projects.Favourable demographics and governmentinitiatives to open up the sector will be the keygrowth drivers for the sector. Countries such asUAE and Qatar attracting many foreign universitieswill become key catalyst for the improvement intertiary education. However, lack of trainedteachers will continue to act as major challenge.

Sharad Bhandari, Managing Partner,ARDENT Advisory and Accounting


Education sector is priority for most governmentsglobally, as it drives growth, competitiveness andstability. Many studies have well established adirect correlation between education standardsand GDP growth. On top of that, today's integratedand well-connected world has made it imperativefor governments to provide necessaryinfrastructure and education standards, in order toremain competitive.

Similarly, all GCC governments has given priorityto the sector, spending about one-fifth of theirannual budget on the education. Governmentinvestments remain primary source of investmentswith-in the sector with private players operating insmall pockets. The trend of rising increasinggovernment investments in the sector reversed in2014, showing overlay of declining oil prices.

Market OverviewOver the last decade, the education sector across the GCC countries has improved and witnessed continual high investments, primarily from the government sector

52 55 64

76 77 21%

19% 19% 20%

18%

2010 2011 2012 2013 2014

Budgeted spending on education (US$bn)

% of overall budget

Figure 1: GCC Education Budget

Source: Country Statistical Websites, Ardent Advisory

9.8%9.8%

12.0% 13.4%

21.1%24.6%

Bahrain Oman Qatar Kuwait UAE KSA

GDP PPP per capita (USD '000)

Figure 2: Budget Allocation (2014)

Source: Country Statistical Websites, Ardent Advisory

High youth unemployment and economydiversification effort has provided impetusto Tertiary education

GCC has one of the lowest level of joblessness inthe world, however, youth unemployment in theregion remains a worry for the governments, morespecifically for KSA. According to Arab WorldLearning Barometer Report 2014, nearly 70 percent of the Arab population under 30 remainsunemployed. The Kingdoms has taken notice ofthe fact and initiated various vocational trainingprograms along with improving tertiary education.In 2014, the KSA government approved a five-yearplan worth US$21.3 billion for its tertiary educationsector, including the development of the KingAbdullah City for Science and Technology. Fundingto Technical & Vocational Training Corporation(TVTC), regulator and promoter of the vocationaltraining in the kingdom, has also been increased.

Large variation in public spending oneducation with-in GCC

The Kingdom of Saudi Arabia (KSA) has thedistinction of providing the highest educationbudget in the GCC, followed by UAE. Bothcountries spend more than one-fifth of theiroverall budget on education. However, Oman andBahrain lags behind the leaders and spend less than10 per cent of their budget towards education.Both the governments has woke up to need of the

high education standards in last decade only, andsince then trying to make investments in the sector.Based on World Economic Forum rankings, Bahrainhas been more successful in creating a bettereducation system than Oman. However, both,Bahrain and Oman with their Vision 2030 and Vision2030 plan, respectively, has reiterated commitmenttowards education.


Governments has also initiated nationalisationprogrammes, with the intention to improve theemployment of local population in private sector.However, GCC education market faces seriouschallenge of lack of skilled local professionalsverified by the fact that recent PwC study of localCEOs revealed that lack of locally available skilledpersonnel as a key challenge. In order to bridge theskill gap, governments are expanding vocationaltraining market by either implementing acomprehensive training program or incentivizingthe private sector for training programs.

Till 2017, GCC education sector is expected toenroll, an additional 160,000 students perannum

Primary and secondary education is compulsoryand free in all GCC countries (except Oman)resulting in GER of greater than 100 per cent.Therefore it is expected that future escalatedgrowth in student population will be driven byrising demand of pre-primary and tertiaryeducation. Tertiary enrolments are expected toincrease at an average annual rate of 3.6 per centper annum from the levels in 2013 to about 2million in 2017.

Student population at pre-primary levels,forecasted to rise at an average annual rate of 5.6

- 2.0 4.0 6.0 8.0

10.0 12.0 14.0

2013 2014e 2015f 2016f 2017f

Pre-Primary Primary Secondary Tertiary

Figure 3: Total Number of Students in the GCC (mn)

Source: UNESCO, Ardent Advisory

11.3 11.7 11.8 11.8 12.0

per cent between 2013 and 2017 to reach about 0.7million in 2017. The increase in pre-primarystudents is primarily due to rising awareness andgovernment initiatives. KSA, which has lowest pre-primary enrolment levels in GCC, is making effortto increase the pre-primary enrolments bylaunching a free education project in 2015 forprivate kindergartens. It is also going to establish1,500 government kindergartens over the next fiveyears. UAE, Qatar and Bahrain, where traditionallyenrolment rates at pre-primary levels are high dueto large presence of expat population,governments are making further effort to boostthe pre-primary enrolments.

Access to skilled labor force and quality ofeducation remain key challenge

Although GCC has one of the lowest pupil toteacher ratio in the world, it is believed that itdoesn’t suffice the requirements. As most of theteachers are outsourced, region faces a shortage ofthe skilled teachers especially with respect to UKand Indian curriculum. UNESCO estimates thatMENA schools will need to accommodate 7.7million more children between 2012 and 2030,which in turn will necessitate 464,000 moreteachers by 2015 and 2.6 million by 2030.

Apart from lack of locally trained teachers, privateschools faces issue of controlled fee hikes, which inturn limits their spend on quality teachers. Privateschools also faces regular issue of teacherabsenteeism, high attrition and relatedrecruitment costs. We believe the nationalisationprograms initiated by governments will helpprivate schools in meeting their needs, howeverstatus quo is expected to persist in near future.

Additionally, we believe the GCC education systemis evolving and enhancing its quality and reachacross the region. In order to support increasingnumber of students, education system needs aqualitative and quantitative upgrade. Education infields such as English language, mathematics, andscience needs improvement.


Private sector investment in the educationsector is increasing

During recent times, a lot of interest is observed inprivate schooling in the GCC primarily due toGovernment support and increasing need of pupilsto attain better education. Private players areenjoying support from governments, in the form ofgrants and subsidies, as most governments havecome up with some kind long-term vision plan to .This has raised the interest of many globalinvestors and and operators, as they are looking togain or consolidate a foothold in the market. In2014, GEMS Education, one of the region’s biggesteducation providers, issued a US$200 millionhybrid Sukuk, a debt-and-equity instrument, tohelp create 40,000 new school seats in the nextthree years.

At the K-12 level, demand for private schools,especially international private schools, is on therise both among the expat and national families. InDubai, for instance, Knowledge and HumanDevelopment Authority (KHDA) forecasts anincrease in enrolment at international schools at 7per cent per year for the next five years. InSeptember 2014, KHDA announced that 11 newprivate schools will open in Dubai in 2015, adding23,000 more seats. The same trend is likely tofollow across all of GCC. KSA has taken initiative toinclude private schools in their scheme of things atlarge, as it has set a goal to attain a 30 per centshare of the total enrolments by 2018.

Along with private schools, number of privateuniversities are increasing in the region. As is thecase with private schools, UAE is leading the waywith firmly established campuses from manyinternational institutes such as Michigan StateUniversity and Manchester Business School. UAEalso attracted many Indian universities as those arepreferred by the local expat population and

Investment ThesisThe GCC education sector is poised for growth with increasing emphasis on private sector involvement and vocational training

international students from India. According to anestimate, there are about 20+ offshore campusesof Indian higher educations institutions in UAE,hosting more than 5,000 Indian students. UAE isslowly becoming a large education hub attractingstudents from MENA region as well as some Asianeconomies.

With the increasing emphasis on the educationsector, M&A activities in the sector have pickedup over 2011-2014

The GCC education industry has witnessed somehigh-profile investments during 2013-14. Dubai-based Gems Education purchased stakes in fouracademic institutions during 2013-2014. Some ofthe major cross-border deals include theacquisition of National Training Institute in Omanby Babcock International Group of the UK and theacquisition of Dubai-based online learning servicesprovider, Alta Vista Trading LLC by EdservSoftsystems Ltd of India.

6.0

4.0

2.0

1.0 1.0

UAE Kuwait Saudi Arabia Bahrain Oman

Figure 4: M&A activities in the GCC (2012-14)

Source: Thomson Banker

14 deals

Continuously changing environment is expected topresent further opportunities for M&A activitiesacross all segments. More specifically, playersactive in pre-primary education, end-to-end K-12education and vocational training are expected tobe more attractive.


Large investments are expected in GCCeducation sector, with KSA and Qatar leadingthe way

The education sector is usually considered to berecession-proof making it a major draw after therecent economic crisis. According to The Big 5report by Ventures Middle East, the GCC educationsector offers US$90 billion in opportunities tocontractors, based on government budgets onbuilding schools, colleges and universities. The KSAwill account for 62 percent of these investments,with its plans to establish 465 new schools,refurbish 1,500 and complete 1,544 existingprojects. The country also plans to build eight newcolleges and vocational and technical facilities.Qatar has approved 26 new private schools andexpects to open 33 new institutions, creating seatsfor thousands of additional students.

Although majority of the investments are towardsthe establishment and refurbishment of schools,universities and technical centres, investments intechnology has been made to improve educationinfrastructure. In Jan’14, the UAE Ministry ofEducation opened its first technology center,connecting students across emirates. Equippedwith huge touch screens, the centre is aimed atbecoming a hub for smart education andexperiential educational tools. Similarly, in 2012,Kuwait launched the Education Net project in 2012to connect all government schools, administrativefacilities and other public institutions over anationwide data network to integrate ICT into theeducation sector and ensure communication andcollaboration throughout the system.

Conclusively, we believe the governments willcontinue to look for ways to improve educationinfrastructure with-in the region, fulfilling therequirements of the country. On one hand UAE willcontinue to focus on internationalisation of theeducation, KSA and Oman will look to fulfil theneeds and aspirations of local population withhigher emphasis on scientific and English orientedstudies and vocational training.

Favorable demographics, increasing per capitaincome and government initiatives will drivethe education market

GCC possess favourable demographics foreducation sector as based on most recentpublished statistics, school / university attendingpopulation (less than or equal to 21 years) form 35per cent of region’s total population. Regionalready boasts of 100% Gross enrolment rate atprimary and secondary level, and we expect thesame to increase significantly at pre-primary andtertiary education level. Total school goingpopulation is expected to increase from 13.6 millionin 2013 to 13.7 million in 2017. The pre-primarygroup (3–4 years) is expected to grow the fastest atabout 4.0 per cent, followed by tertiary education.

1.49

8.50

3.64

13.63

1.55

8.51

3.68

13.74

Pre-Primary K-12 Tertiary Total

2013 2017f

Figure 5: GCC’s School-going Population (million)

Source: United Nations Census

The per capita income in the GCC region iscomparable to that of some developed economiesand remains higher than that of emergingeconomies like China, Brazil and India. This bodeswell for the education market, as higher incomeattracts high-end schools and prestigiousuniversities to the region. Per capital incomeincreased at an average annual rate of 6.1 per centto US$31,942 in 2014. However, with a sharpdecline in oil prices in 2014 and the per capitaincome is expected to drop marginally between2014 and 2017.


GCC countries, barring Oman, have mandatoryeducation till lower secondary education levelscovering about nine years of basic education. Thishas led to high enrolment rates in both primary andsecondary education levels, however, same has notpercolated to pre-primary levels. Primary andsecondary levels, combined together, accountedfor about 80 per cent of GCC’s total enrolments in2013. K-12 enrolments growth have kept pace withthe population growth and grown at CAGR of 3.4percent during 2009–13.

We estimate the GCC’s K-12 education market tobe US$67 billion in 2014, of which the privateeducation segment held a 12 per cent marketshare. The market size estimate is based on theassumption (sourced from Booz & Co. study) thatpublic schools spend nearly 1.8 times more onstudent compared to private schools.

Due to the sheer size of its population, KSA is thelargest K-12 education market in the GCC,accounting for more than three-fourths of GCC’s11.3 million total enrolments in 2013. The UAE

K-12 educationK-12 education in the GCC is characterised by high Gross enrolment rates at primary and secondary levels, however pre-primary enrolment is still evolving

recorded the second highest enrolments,characterised by high expat participation, which isleading to higher number of enrolments in theQatar as well.

Pre-primary education enrolment is on the riseand expected to increase further

Pre-primary level of education has beentraditionally ignored in the GCC, with weakinfrastructure of nurseries and kindergartenschools. Except Kuwait, public school enrolmenthas hardly been present at pre-primary level, withmost enrolments are done at private school.Government such as KSA, the largest market inGCC, didn’t made nursery as pre-requisite ofprimary schools, which has resulted in only one inten children attending any pre-primary schools.

However, over last few years enrolment ratio atpre-primary level has developed considerably,primarily due to increasing awareness andgovernment support. UAE and Qatar has takenlead and are been able to develop the thriving

32

84

98

34

99

101

36

101

102

39

105

102

40

109

104

Pre-Primary

Primary

Secondary

2013 2012 2011 2010 2009

Figure 6: GCC Gross Enrolment Ratio (in %)

75%

8%7%

6%

2%2%Saudi Arabia

UAE

Oman

Kuwait

Qatar

Figure 7: Gross Enrolment Break-up, 2013

5%

42%38%

15% Pre-Primary

Primary

Secondary

Tertiary


private market of pre-primary schools, primarilycatering to the needs of large expat populationpresent in the region. UAE boasts of 400+ nurseryschools in showing overall attendance ratessurpassing those of many OECD countries. Qatarhas also taken steps and made Kindergarten asmandatory for children above three years of age. Incontrast, Saudi Arabia’s pre-primary education isyet to take off as kindergartens are not part of theofficial educational system. The KSA’s pre-primaryGER nonetheless increased to 40 per cent in 2013from 32 per cent in 2009 due to rising awarenesslevels.

50%

79%

52%58%

14%

83%

40%

54%

Figure 8: Pre-primary GER, 2013

Source: UNESCO

Private schools are making greater in-roadsin the education system

Private schools has started to make much largerimpact in GCC education system as the demand forEnglish oriented and new age curriculum iscontinuously increasing in the GCC. Parents arebecoming more aware of quality of educationprivate schools are providing and ready to payhigher fees for the same. Increasing expats andrestrictions on them to enroll their children inpublic schools is fuelling demand for privateschools. This has led to significant increment inprivate school enrolment at both primary andsecondary level. In fact during 2009-13, CAGRgrowth in private sector enrolment was double ofthat of public sector enrolment, at both primary aswell as secondary level.

62.3%

16.8% 16.3%

61.1%

18.9% 19.5%

Pre-Primary Primary Secondary

2009 2013

Figure 9: GCC GER, share of private schools

Source: UNESCO

Shifting preference towards internationalschools in the GCC

Although international schools have higher coursefees than local schools, demand for the former ison the rise as they are believed to offer higherquality education, resulting in better job prospects.The UAE has emerged as a global leader in thisspace with around 505 private internationalschools, located mainly in the expat dominatedpopulation of Dubai (245 schools) and Abu Dhabi(144 schools), together reaching out to nearly half amillion students.

8.0%6.0%

4.0%2%

Dubai Singapore Hong Kong London

Figure 10: Private International Schools –GER CAGR (2011-2014)

Source: UNESCO

In Dubai, the Knowledge and Human DevelopmentAuthority (KHDA) anticipates a 7 per cent annualincrease in enrolment at international schoolsbetween 2014 and 2018. In Qatar, the number ofthese schools increased in from 130 in 2013 to 147in 2015 enrolling over 100,000 students. Other GCCcountries are also witnessing an increase ininternational schools and the number currentlystacks at 202 in KSA, 80 in Kuwait and 58 in Oman.


Private sector enrolment is expected toincrease faster than that of public schools

Enrolment growth in private schools is expected tosurpass that in public schools for all the reasons wehave discussed previously. The largest differencewill be at secondary level, where search for bettereducation standards, with employability concernon mind, will lead and parents to private schools.Number of private schools are increasing at swifterpacer and share of private schools in the GCC is setto go up from 14.7 per cent in 2013 to 16.1 per centin 2017. The number of private school students inthe UAE’s capital is expected to rise from 200,000 in2013 to 280,000 in 2020 at an annual average

233

3,828 3391290

3768 3437


2013 2017f

Figure 11: Public School Enrolments (‘000)

Source: Ardent Advisory, UNESCO

365895 819

4531077 1019


2013 2017f

Figure 12: Private School Enrolments (‘000)

5.6% -0.4% 0.3% 5.5% 4.7% 5.6%

growth rate of 5 per cent, while the KHDA in Dubaiexpects its private school student population to riseto 360,000 by 2020 from 225,000 in 2013. Alongwith the UAE, growth will be seen in Saudi Arabia,Qatar and Oman, where government has setagendas and long-term plan to increase thepresence of private schools. Decision of KSA topermit locals to enrol in private schools is expectedto put private schooling in KSA on fast lane. Withinthe sub-segment, demand for international schoolsis expected to be strong in expat dominatedregions like UAE and Qatar. Specifically, in UAEabout 180 new private schools are in pipeline andare expected to be established by 2020.

Exhibit 1: Estimation of GCC K-12 education market size

Average Tuition Fee

Total Market Size

Enrollments (million)

Private School Public School

1.8 7. 3

$4,500 $8,100

$8.1 bn $59. 1 bn

X X

K-12 School

9.1

$7,387

$67.2 bn

X


The GCC region is fast becoming a highereducation hub for global institutions. Despitepolitical tensions in the greater MENA region,higher-education enrolment increased in GCC from2009 to 2013 due to its relatively stable politicalenvironment and growing presence of world-classuniversities, domestic as well as international. TheGER for tertiary levels also improved by 18percentage points from 2009 to 47 per cent in 2013,with 50 per cent female enrolments. Higher womenenrolment reflects the success of the GCCgovernments’ initiatives towards enhancingwomen’s education. Private university enrolmentsin this segment are also increasing at a faster rate,with the UAE, KSA and Qatar establishingeducation free-zones and economic cities, invitingforeign universities, and developing curricula atlocal universities.

Tertiary Education and Vocational TrainingBacked by government initiatives to reduce unemployment among nationals, tertiary level GER in the GCC increased from 29 per cent in 2009 to 47 per cent in 2013

programmes. Universities operating in the DIACenjoy 100 per cent foreign ownership, tax-freeoperations and repatriation of profits, in additionto easy visa/licensing issuance procedures forstudents, faculty and staff. As a result, it has beenable to attract many renowned foreign universitiesand colleges such as the Michigan State Universityand the Manchester Business School.

KSA government is also taking initiatives to improvethe tertiary education in the region. In 2014, thegovernment approved a five-year plan worthUS$21.3 billion for its tertiary education sector,including the development of the King Abdullah Cityfor Science and Technology. This US$4 billioneducation zone will consist of a multi-universitycampus, flanked by two R&D parks, accommodating18,000 students and 7,500 faculty and staffmembers.

The Qatar Foundation also established an educationcity in Doha in the last decade, hosting branches ofreputed universities such as Weill Cornell MedicalCollege and Carnegie Mellon University.International school at Education city cater to morethan 4,000 students, including both nationals andforeigners.

1,034 1,198 1,342 1,541 1,697

29% 34% 37%43%

47%

2009 2010 2011 2012 2013

Students Enrolled ('000) GER

Figure 13: GCC Tertiary Education

Source: Country Statistical Websites, UNESCO

Foreign universities are either setting-upoffshore branches in GCC or collaborating withlocal universities for course delivery

The UAE established the Dubai InternationalAcademic City (DIAC) in 2007, which has nowbecome one of the world’s largest education freezones for tertiary education, with over 20,000students enrolled in about 400 higher educational


International student diaspora is gettingstronger

Ongoing investments in tertiary education aremaking the UAE and Saudi Arabia attractive forinternational students. Primarily, the incomingstudents are from other Islamic countries and someAsian countries. According to an estimate Egypt,Saudi Arabia, and the UAE hosted 4% of the globalshare of mobile students by the end of 2013. In factUAE has outpaced UK in attracting students fromother Middle East. Presence of offshore branchesof reputed foreign universities and ease ofobtaining student visas have become key driversfor the development.

Corporation (TVTC), along with the NationalCentre for Evaluation and ProfessionalAccreditation (NCEPA). To encourage nationals totake up private-sector jobs, TVTC has made anumber of strategic partnerships, including theSaudi Oger Training Institute, General MotorsProgram and the High Institute for PublicFabrication.

35

49

6

62 59

9

Saudi Arabia UAE Qatar

2011 2013

Figure 14: Inbound International Students (‘000)


Skill shortage in GCC has promptedgovernment entities to invest in vocationaleducation programmes.

Youth unemployment forms a major challenge forGCC. For instance, unemployment in KSA’snational labour force increased from 10.6 per centin 2009 to 11.7 per cent in 2013. GCC countries havetherefore set up various vocational traininggoverning bodies, facilitating the skill setdevelopment in the region. Saudi Arabia has ledthe way with significant investment in the sub-sector, with $6.1 billion planned investment during2010-14. Vocational education in the Kingdom isoverseen by the Technical & Vocational Training

117 117 125 142

16 15 20

18

2010 2011 2012 2013

Private Public

Figure 15: KSA vocational training candidates (‘000)


The UAE and Qatar have put similar emphasis onvocational education as KSA, however theycurrently lack a national-level structure like TVTCto promote and regulate vocational education.UAE has established several state-sponsoredtraining and vocational institutions such as the AbuDhabi Centre for Technical & Vocational Educationand Training, National Institute of VocationalEducation in Dubai and Abu Dhabi VocationalEducation & Training. It has encouraged privateplayers to participate in the program, which has ledto the fact that about four-fifth of programmes arerun by private institutes.

In Oman, the Manpower Ministry already operatesa network of five vocational training centres atSeeb, Saham, Sur, Ibri, Shinas and Al-Buraimi, andhas plans for another centre in Musandam. Bahrainhas established an authority similar to TVTC andstepping-up effort on vocational training.Conclusively, all efforts suggest that governmentsare keen to improve local employment situation.


The UAE ranks among the world’s top 10 countriesin terms of the quality of its education system, asper the World Economic Forum (WEF) GlobalCompetitiveness Report. As GCC’s most developededucation sector, the UAE is characterised by awide presence of private institutions, highparticipation of the expat population and highquality of education. High quality of education isindicated by the raking of nine in overall quality ofeducation system. An increasing score on variouseducation parameters, demonstrate constantimprovement in education standards.

UAE government has taken initiative and built UAEVision 2021, which prioritizes the sector byrecognizing the development of human capital askey to a diversified, knowledge-based economy. Inorder to support the initiative, the UAEgovernment has increased its education budgetfrom 18.4 per cent of the total budget in 2012 to21.1 per cent in 2014. The government alreadyprovides free education to UAE nationals, and inorder to improve the education standards, in 2012,it passed a federal law making educationcompulsory for all nationals between the ages of 6and 18. In addition, the country has been improvingthe quality of education at its public schools byorganising teacher trainings and introducing a codeof conduct for teachers.

The government is also actively supporting theprivate education sector through initiatives such asprovision of land and buildings for lease atsubsidized rates. Both the KHDA and ADEC havemade efforts to improve education quality inprivate schools. In Dubai, the government has setup two education free-zones, namely, the DubaiAcademic City (DAC) for primary, secondary andhigher education, and the Dubai InternationalAcademic City (DIAC) for tertiary education. Thegovernment has also established Dubai KnowledgeVillage, a free-zone dedicated to human resourcemanagement.

Country Profile: UAEUAE boasts of education standards better than few of the developed countries, along with presence of large number of international schools and colleges

Table 1: WEF Ranking on Education Quality

2,100 2,640

18%21%

2012 2014

Education Spent % of Budget

Figure 16: Education Budget (US$ mn)

Criterion 2013-14 2014-15

Quality of primary education 19 13

Quality of the education system 15 9

Quality of math and science education 19 11

Quality of management schools 28 18

Internet access in schools 21 18

Availability of research and training services

19 17

Source: World Economic Forum

Figure 17: K-12 Enrolments (‘000)

233392

243

510

Public Schools Private Schools

2009 2013

Source: Ardent Advisory

Source: UNESCO


Quality of private schools has improved overtime and demand for private schools isexpected to rise in future

Dubai has witnessed a positive shift in the overallquality of its private schools, with the proportion ofgood and outstanding schools to the total numberof schools surveyed rising from 35 per cent in 2008to 51 per cent in 2014. Primary reason for the sameis the stringent norms subscribed the KHDA,requiring schools to improve their educationsstandards. Such acceptance of private educations isleading to new set-ups in the region. KHDAannounced 11 new private schools to be set up in2015, adding 23,000 more seats.

Preference for UK and American syllabi defers inDubai and Abu Dhabi. In Dubai, enrolments in UKand Indian curriculum has improved during 2009–14, whereas in Abu Dhabi enrolments in Americancurriculum schools has increased significantly.Contradictory trend reflects a caution for the newestablishments, as they have to be aware of localpreferences in Dubai and Abu Dhabi, before settingup an education institution.

The UAE’s private education sector is welldeveloped, with thousands of national andinternational students enrolled in schools in Dubaiand Abu Dhabi. Due to the growing demand, 24new private schools were set up in Dubai between2009 and 2014, and student numbers increased atan average annual rate of 7.1 per cent over thesame period. Expatriates account for more than 85per cent of the UAE’s total population, and theirlarge numbers, along with an increase in school-going population (0-21 age group), are boostingenrolment rates at private schools. School-goingpopulation is expected to increase at an averageannual rate of 3 per cent to about 1.5 million in2017.

International curriculum preferences differsamong Dubai and Abu Dhabi

Private institutions offering UK and Indian syllabiform 65 per cent of the UAE’s internationalschools. Preferences of local and expats populationdiffers, as on one hand locals prefer UK andAmerican curriculum, whereas expats population,largely comprising of Indians, prefer schools withIndian curriculum. Schools offering Indiancurriculum accounts of 31 per cent private schoolsenrolment in Dubai, although they only compriseof 18 per cent of Dubai’s schools. Higherenrolments is mainly due to their higher capacitiesand lower tuition fees than those offering UK andUS curriculum.

145 148 148 153 158 169

181.0 193.3 207.1 225.0 243.7 255.2

Private Schools Students Enrolled ('000)

Figure 18: Private Schools and Students in Dubai

Source: KHDA

6%18%

33%

31%

12%

255,208 214,587

Figure 19: Private school enrolments, curriculum break-up

25%

23%22%

18%

12%

Dubai, 2014 Abu Dhabi, 2013

MOE American British Indian Others

Source: KHDA, ADEC


From 2013, K-12 student enrolments in Abu Dhabiare expected to increase at an average annual rateof 4.2 per cent to about 283,798 in 2020, withprivate schools offering MOE curriculumaccounting for 25 per cent of the total studentpopulation. Among foreign curricula, American andEnglish are expected to be the preferred ones.

Preference for UK and American syllabi defers inDubai and Abu Dhabi. In Dubai, enrolments in UKand Indian curriculum has improved during 2009–14, whereas in Abu Dhabi enrolments in Americancurriculum schools has increased significantly.Contradictory trend reflects a caution for the newestablishments, as they have to be aware of localpreferences in Dubai and Abu Dhabi, before settingup an education institution.

Private institutions in Higher Education isattracting locals and international students

In UAE the government encourages privateparticipation in the higher education sector whichis evident from the fact that the branches of manyforeign universities are established in UAE. Over2010-2013, enrolments at private colleges anduniversities grew at an average annual rate of 8.1per cent per annum, faster than the studentenrolment growth at public colleges anduniversities

UK and Indian schools to continue as theseinstitutions are the most preferred among theDubai population.

292.3 299.8 307.6 315.5360.0

2014 2015f 2016f 2017f 2020f

Figure 20: Projected private school K-12 seats in Dubai

Source: KHDA

214.6 224.0234.2

244.0 253.7

2014 2015f 2016f 2017f 2020f

Figure 22: Projected private school K-12 enrolments in Abu Dhabi

Source: ADEC

65,618 69,509 76,909 82,89437,813 39,926 41,651 45,385103,431 109,435 118,560 128,279

2010 2011 2012 2013

Private Public

Figure 23: Students at tertiary level

Education sector in UAE is poised for growth

Government focus and presence of manyinternational schools and universities bode well forthe overall education market. At the K-12 level,demand for private schools, is on the rise bothamong the national families and the everincreasing expat population while in the tertiaryeducation segment, the UAE is fast emerging as aregional hub as many foreign universities areopening their overseas branches in the country.

Sensing the importance of ICT in education, theUAE launched a five-year US$272mn Mohammedbin Rashid Smart Learning Programme in 2012.The programme aims to create a new learningenvironment in schools, through introduction of"smart classes" in all schools, providing every pupilwith a tablet PC and high-speed 4G network. Till2014, around 3,500 teachers across 146 publicschools were trained under this programme.

Source: UAE National Bureau of Statistics


Due to the sheer size of its population, theeducation sector in Saudi Arabia is the largestamong the GCC countries, accounting for 75 percent of the total gross enrolment in the K-12segment. The Saudi government has alwaystreated the sector as a priority, and continuouslyallocated about 25 per cent of the annual budget toeducation. In the 2015 budget, funds wereallocated to the construction of 164 new projects ata cost of US$3.7bn. Funds were also allocated forcompleting and rehabilitating 500 existing schoolbuildings and college campuses and developmentof three new universities and vocational centres.

Despite considerable investments, quality of theeducation system in Saudi Arabia lags behindcompared to other countries with similar incomelevels. One of the prominent reasons for the belowpar education levels is lack of focus on science andmathematics. Low penetration of international andprivate schools is another reason that educationbased on international standards has not reachedmainstream. Till 2012, Saudi nationals were notallowed to enrol into international schools thatboast curriculums such as IGCSE and IB, therebyaffecting the growth of such schools in the country.

Recent government initiatives have improved GERacross education levels. Gross enrolment rate atprimary and secondary levels of education is highas the government has made education mandatoryfor children between 6 and 11 years of age. Saudinationals are offered free primary and secondaryeducation in public schools, whereas children offoreign nationals (except for the GCC residents) arenot allowed to attend public schools anduniversities. Pre-primary education is notcompulsory in the country, and public primaryschools do not generally provide pre-primaryeducation, which has resulted in low enrolment atthe pre-primary level.

Country Profile: Saudi ArabiaKSA, the largest education market in the GCC, is aiming to increase the participation of private schools as well as look to develop tertiary and vocational education


37 58

26%

25%

2010 2015


Figure 16: Education Budget (US$ bn)

Criterion 2013-14 2014-15







55 73



11

98 101

3114

106 116

58


2009 2013

Source: MOF, Ardent Advisory

Source: UNESCO


Government initiatives is driving upennoblements in private schools

The government over the past years hasundertaken many reforms in the education sector.This includes opening of private internationalschools for national students, which has boostedenrolment at private schools. According to a recentstudy, about 70 per cent of Saudi parents wanttheir children to attend international schools forEnglish proficiency, co-curricular activities and anall-round development. Hence, the Saudigovernment is encouraging private participation inhigher education and is offering preferentialfunding to set up private universities. For theprivate sector, it has set a goal to attain a 30 percent share of the total enrolments by 2018.


233392

243

510


2009 2013


To improve education quality, Saudi Arabia formedGeneral Education Evaluation Authority (GEEA),consisting of representatives both from thegovernment and the private sector in 2012. Thenew committee is charged for evaluating theperformance of schools in the Kingdom andintroduction of a new national education standardsframework, including national testing at everygrade level.

The KSA government in 2008 also launched theUS$2.4bn Tatweer programme to improve qualityof public education in the Kingdom. Theprogramme aims to improve education qualitythrough a range of initiatives, from

decentralisation of power in the education systemto introduction of new teacher trainingprogrammes as well as ‘smart’ schools. Besidestraining teachers, the Tatweer project also aims toimprove math and science teaching standards inthe KSA. As a part of the “Math and ScienceTeacher Development Program”, Pearson willcollaborate with Tatweer Company for training 500Saudi-based educators who will then deliver theprogramme throughout Saudi Arabia. However,progress on the Tatweer programme has been slowwith only 900 schools converted to Tatweerinstitutions by the end of 2013.

The outlook for the education system inSaudi Arabia appears positive in thebackdrop of various government initiatives

In May 2015, Saudi Arabia approved a five-year plan worth ~US$21.3bn, in addition toannual allocation for building 1,500 nurseries,providing training for ~25,000 teachers,establishing educational centres and otherrelated projects, which will boost the publiceducation system and improve quality.

Enrolments in the private sector will alsoincrease in future as the government openedup private international schools for nationals.The preference for quality English education,an all-round international curriculum and poorquality of public education offer numerousgrowth opportunities to private institutions inthe country. In January 2015, the EducationMinistry announced distribution of coupons toprivate kindergartens and special educationfacilities, providing free education to pre-school children. In future, the governmentplans to implement the project in privateschools and universities, which will drive upprivate enrolment rates.


Qatar ranked 16th in the Global CompetitivenessReport 2014-15 and is the second most competitiveeconomy in the Middle East after the UAE (12th),according to World Economic Forum’s (WEF’s)“Global Competitiveness” report. Over 2013-2014,Qatar has improved its ranking on the quality ofeducation, highlighting the increased focus of thegovernment on education. In 2014, Qatar ranked1st among the GCC countries and occupies the 3rdposition globally in terms of overall educationquality.

Public education in Qatar has been benefittingfrom sustained government investments in thesector which have raised the overall quality ofeducation. Over 2010-2015, budgeted allocation tothe education sector increased at an averageannual rate of 9 per cent per annum to reachUS$7.3bn in 2015. A significant portion of thebudget is allocated towards the construction ofkindergartens and schools.

Enrolments at the primary and secondary level arehigh in Qatar due to the favourable governmentinitiatives. Notable among them are theestablishment of state-funded independentschools, which enjoys the freedom to develop theirown organisation plan and education syllabus.Qatar also provides free education for all Qatarinationals and education is compulsory from thepre-primary to secondary stage.

However, enrolment rate at the tertiary level is lowmainly due to high dropout rate and misalignmentbetween subject matter taught in K-12 and tertiaryinstitutes. Many students need to take one or twoyears foundation courses before enrolling incolleges and universities. The National Plan (2011-2016) has emphasized on a proper alignmentbetween higher education and needs of aknowledge economy. To bridge the gap in tertiaryeducation the Qatar government has adopted

Country Profile: QatarOver the last decade, the government of Qatar has made significant investments across education levels to improve the overall quality


4.87.3

15%

12%

2010 2015



Criterion 2013-14 2014-15







17 19


5387 96

105892 94

14


2009 2013


Source: UNESCO

Figure 27: GERs in Qatar


Various strategies, including establishment of acommunity college and opening up branches offoreign universities (HEC Paris, UCL Qatar) atEducation City. Since its establishment, QatarFoundation’s Education City project has attractedmany international universities. Currently thecampus has six American universities, one Britishuniversity and one French university.

Growing expat population will increase thedemand of private schools in Qatar

Proportion of expatriates in the populationgrew from 79 per cent in 2008 to 87 per cent in2013. With the currently ongoing and plannedmegaprojects in Qatar, expat population inthe country set to increase which will increasethe demand for private schools.


80 7290 95


2009 2013Source: UNESCO, Ardent Advisory

Like elsewhere in the GCC region, demand forinternational private school is high in Qatar. In2013, there were 506 private school, out of which439 were foreign schools and the rest Arabicschools. Apart from expat nationals, the number ofQatari nationals enrolled in these institutes isgradually growing with around 26,000 students in2013.

To attract private investors, Qatar DevelopmentBank (QDB) and the SEC are also offering a 15-yeareducation loan to private investors seeking to setup educational institutes in the pre-primary,primary and secondary segments. The loan is

available at a subsidised interest rate of 3-4 percent per year, will allow investors to finance up to70 per cent of their overall project cost. The SECwill conduct the feasibility study for the educationprojects.

Qatar has made significant investments tointroduce digital learning in schools

Qatar is the first Arab country in GCC to haveimplemented a comprehensive e-learningprogramme in all state-funded schools. Inorder to keep pace with modern learningmethods, the SEC launched an e-learningprogramme in 2011 to digitize content at all itsindependent schools and to provide tablets toevery student and teacher in the country.

The industry presents a positive outlook;however, investments in the sector mayslow down due to high prioritization of megainfrastructure project

Public spending on education is expected togrow from US$7.2billion in 2014 to reach morethan US$14billion in 2019, to be centred onestablishing new schools and hiring teachers.Notable infrastructure projects underdevelopment include the Qatar NationalLibrary (QNL), which will span 46,000 squaremetres, offering state-of-the-art publicfacilities and technologies, as well as learningspaces, performance venues and cafes. Inaddition, the Qatar Faculty of Islamic Studiesis also in the process of constructing apurpose-built facility.


The Kuwait government has identified educationas one of the key sectors for investment. Thecountry has increased its contribution to theeducation sector at a CAGR of 16.2 per cent from2010 to 2014 and currently allocates about 13 percent (US$10.1billion) of its total budget oneducation. The Kuwaiti government regularlyconsults the World Bank to reform its educationsystem and is currently focusing on aligning itscurriculum with the needs of the employmentmarket.

Schooling is compulsory for all children from ages 6to 14 and primary, secondary and tertiaryeducation is free for Kuwaiti nationals, but thequality of education in Kuwait is not at par with itsGCC peers in terms of staff qualifications,curriculum drafting, and due to a high averagenumber of students per classroom (140:1).

Crowded public schools have induced thegovernment to undertake several initiatives whichincludes subsidizing private schooling and allowingoverseas instructors to teach at public schools.

Mandatory education has resulted in higher GERsacross pre-primary, primary and secondary levels.Infact, Kuwait’s pre-primary GER of 79 per cent ishigher than the GCC average of 26.2 per cent andthe global average of 50.1 per cent mainly due tothe provision of free education to citizens and ahigh number of pre-primaries in the country. As of2013, there were 199 government and 107 privatekindergartens, with a total of 83,000 students.

Tertiary education is free for nationals at publicuniversities, namely Kuwait University (KU) and thePublic Authority for Applied Education andTraining (PAAET). However enrolments are lowerat the tertiary level due to the lack of scientific andtechnical courses. To address this issue the

Country Profile: KuwaitKuwait has identified education as a key priority as it diversifies from an oil-dominatedeconomy to a trade and finance hub


5.510.1

11%

13%

2010 2014



Criterion 2013-14 2014-15







98 100


72104

12679

107131

28


2010 2013


Source: UNESCO

Figure 30: GERs in Kuwait


government is developing the Jaber University forApplied Sciences which will focus on scientific andtechnological research. By 2020, the governmentwill also complete the construction of a new KUcampus at a cost of US$5.8billion in Sabah Al-Salem University City. The Ministry of HigherEducation also awards Kuwaitis ~4,500scholarships annually to study abroad.

Private sector gaining importance with therising presence of international curriculumand government’s initiatives to form PPPs

Fuelled by the growing demand forinternational curriculum, the number ofinternational schools increased from 51 in2000 to 90 in 2013. During the same time,


310

167

320198


2010 2013Source: UNESCO, Ardent Advisory

student enrolment at primary and secondary levelsincreased at an average annual rate of 4.3 per centin private schools compared with 0.8 per cent atpublic schools.

In 2014, the government introduced the KuwaitSchools Development Programme to build schoolson a PPP basis under the build-operate-transfer(BOT) model, with private investors constructing,financing, and maintaining the facilities and theMoE managing the curriculum and schooladministration. Currently, tenders for nine schoolshave been issued under this programme.

In addition, the Kuwaiti government allocates overUS$18.5 million per annum in private educationalfacilities, allotting land for school construction andtoward distributing textbooks. In collaborationwith the World Bank, it also plans to revamp thecountry’s school curriculum by 2016 and to developa national framework for learning, schoolenvironment, leadership and teaching standards.

Kuwait is bringing technology into itsclassrooms to improve education delivery

Kuwait launched The Education Net project in2012 to connect all government schools,administrative facilities and other publicinstitutions over a nationwide data network tointegrate ICT into the education sector.Kuwait also partnered with Microsoft toorganise a Master Teacher Training Programfor about 10,000 public school teachers.

Government support, private sectorparticipation and favourable demographicswill drive Kuwait’s education industry

Government expenditure on education isprojected to increase at an average annualrate of 10 per cent per annum from 2013 to2018 and reach US$15billion. In December2012, the government announced plans tospend US$1.1billion until 2018 to improveeducational facilities in the country by buildingnew schools, repairing existing ones, buildingteacher training centres and equippingclassrooms with the latest technologies.

However, the recent slump in oil prices maydecrease spending on education, as around 95per cent of the government’s revenues dependon oil. Furthermore, FDI is not permitted atthe primary and secondary education levels,and partnerships with locals are required forFDI in tertiary education and vocationaltraining, posing another challenge


Bahrain ranks third in GCC for the quality ofeducation system, and its allocation to theeducation sector has increased at an averageannual rate of 8.2 per cent from 2010 to 2014.According to the draft budget for 2015-16,however, allocation decreased due to a drop in oilprices, which account for over 85 per cent of thecountry’s revenues.

The General Agreement on Trade in Services(GATS) has opened the education sector tointernational market, providing more choices andinnovation through collaboration. New regulationsbased on the Agreement allow the establishmentof higher education institutions fully owned byGCC, British or American capital. Other investorsrequire local sponsors who control 51 per cent ofthe shares.

Unlike other GCC countries, Bahrain provides freeeducation to nationals as well as expats in publicschools. Education is compulsory for children aged6–14 in both public and private schools. Thus theenrolments at pre-primary, primary and secondarylevels have thus been growing continuously.However, enrolments at tertiary level havedeclined marginally because of the gap betweenschool curriculum and job market needs, as is thecase in the other GCC countries as well.

However, the Bahrain government has takenseveral steps to improve the quality of tertiaryeducation. In June 2014, the Higher EducationCouncil (HEC) approved the National Strategy forHigher Education and Scientific Research, designedwith inputs from public and private sector entitiesand international consulting firms. The Strategywill be implemented over a 10-year period from2014 to 2024 to focus on six priority areas forreform, including teacher training, studentengagement, and matching curricula withemployer needs.

Country Profile: BahrainBeing a small economy, Bahrain has the lowest education expenditure in the region


0.60.9

8% 10%

2010 2014



Criterion 2013-14 2014-15







52 42


4894 94

375098 96

33


2010 2013


Source: UNESCO

Figure 33: GERs in Bahrain


The MoE has already signed a MoU with BritishAccreditation Council (BAC), which will advise theMinistry’s HEC on the implementation of a robustaccreditation system and on the current system oflicensing of new institutions. The BAC will alsoprovide resources and expertise to review andreport on institutions applying for accreditation.

Other government initiatives to improve tertiaryeducation quality include the establishment ofBahrain Polytechnic and Bahrain Teachers Collegeand improvement of vocational programmesthrough collaborations with overseas experts. In2013 for instance, Tamkeen, the labour fund thatoperates vocational training centres in Bahrain,signed an agreement with UK TVET and also madea US$100 million investment to provide sector-specific skills training through a four-year trainingplan to train 18,000+ Bahrainis.

Similar to other GCC countries, a growingexpat population coupled with highereducation quality are driving enrolments atprivate schools

Half of Bahrain’s 419 schools are privateinstitutions, offering curricula from the UK,the US, Pakistan, India, Japan and France.


126

42

129

53


2010 2013


Enrolments in private schools are rising at a CAGRof 6.1 per cent against only 0.6 per cent in publicschools. Expats, who constitute around 55 per centof the overall population, prefer private schools

because of better quality of education and mainlybecause the medium of instruction is English andnot Arabic, as is the case in public schools.

The drop in oil prices might lead to a declinein government spending on education

As per Bahrain’s draft Budget 2015-16,allocation to the education sector decreasedfor the financial year. The drop is primarily dueto a falling oil prices, as oil accounts for morethan 85 per cent of the country’s revenues,and high spending in housing projects.

However, the Bahraini government hasidentified education as one of the keypriorities to achieve the goals of Vision 2030,which would further the development of thesector in the long run.


Oman ranks low in terms of overall education andthe quality of math and science education. Hecountry’s ratings have declined due to the lack ofquality checks in private schools and poorcurriculum design. Although budgeted allocationto the education sector increased at an averagerate of 12 per cent per annum from 2009 to 2014,spending on education as a percentage of the totalbudget declined marginally from 12 per cent to 10per cent in the same period.

However, the Omani government has takenvarious steps to boost enrolments at K-12 level.This includes the provision of free education (notmandatory) from Grade 1-12 in all public schools.The MOE is also focussed on building new schoolsin low-population areas and provides free boardand transport for low-income groups. The Ministryalso actively promotes women’s education,apparent in the fact that the country has an almostequal enrolment rate for boys and girls. Besidesthis, the education ministry has also formed teamsto develop modern course curricula. In 2012-13, theteams developed new curricula for sixth-grademath, twelfth-grade Islamic education.

The government is also taking steps to boostenrolments at the tertiary level. The ResearchCouncil developed by Omani government aims toaddress the gap between the curriculum and thedemands of the job market by developingstrategies supporting higher education institutions.The government is also actively seeking foreignexpertise to build the Oman university as well asnew schools.

The Sultanate is also incentivizing privateinvestments by offering land grants, customsexemptions, and a maximum grant of US$7.82million to private universities that contribute 50 percent capital for setting up higher educationinstitutes

Country Profile: OmanOman is yet to enforce a mandatory education policy similar to its peers in the GCC region


2.1

3.7

12%

10%

2010 2014



Criterion 2013-14 2014-15







73 94


4894 94

375098 96

33


2010 2013


Source: UNESCO

Figure 36: GERs in Oman


Private-sector schooling is on the rise

Oman’s 1,000+ public schools account for over70 per cent of its educational institutions, butprivate school numbers are on the rise, with102 added from 2010 to 2013 as against onlythree public school additions.


126

42

129

53


2010 2013


International school numbers have risen from 36 to40, and students enrolled have increased at anaverage rate of 7.4 per cent per annum to 54,305 in2013. Indian schools capture the bulk of the privateeducation market due to high demand from theexpatriate community (Indians constitute 20 percent of Oman’s population).

Industry outlook is neutral due to positivedemographics coupled with uncertaineconomics

Half of Oman’s population was under 27 yearsof age in 2015 and the country has recorded a47 per cent increase in population since 2010.The high and growing proportion of schoolchildren and college-going populace isexpected to significantly boost the demandfor education in the country. Education andtraining were allocated US$3.69 billion in 2014budget, representing a 9.3 per cent increaseover the previous year. However, GDP percapita declined by 24.4 per cent during 2010–15, indicating struggling economy anddeclining disposable income, which may resultin decline in spending on education.

The government’s effort is expected tocontinue as its Vision 2020 document Omanhas reiterated its commitment towards thedevelopment of the education sector,preparing students for college and ensuringindustry-readiness.


About us

ARDENT is a UAE headquartered advisory firm, with a targeted focus on the GCC region. The firm’s partners and directors bring over 100 years of cumulative advisory experience with

the Big 4 professional firms and global investment banks. The ARDENT team members have worked with and advised some of the leading industry players in the region and have played a pivotal role in their business growth. Our client centric business model, in addition to our

local expertise and extensive industry knowledge, consistently creates and adds value to our clients

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Disclaimer:This document is issued by Ardent Advisory & Accounting and it is intended for general information purposes only, and should not be relied on in connection with or act as inducement to enter into any contract whatsoever. Any projections, opinion, and

statements regarding future prospects contained in this document may not be realized. All projections, opinions and statements included in this document constitute opinions of Ardent Advisory as of the date of this document, and are subject to change

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