Ashmore’s education fund expands, Al Modawat resorts to sukuk issuance

Ashmore’s education fund expands portfolio

More Riyadh schools for Ashmore: Ashmore Investment Saudi Arabia’s Education Investment Fund completed its second acquisition under its K-12 education strategy, it said in a press release. The transaction includes Matrix International Schools and Wahat Al Alson School in eastern Riyadh. The fund’s first acquisition was Al Nobala Schools in Riyadh in July 2025.

What’s next? The fund plans to use these assets to build a scalable platform, with targets to partner with up to a handful of school operators in Riyadh offering both national and international curricula. It is also considering a potential listing on Tadawul by the end of its fund life, subject to market and regulatory conditions.

Part of Ashmore’s education push: Ashmore is looking to up its investment in the local education sector to roughly SAR 1 bn, its CEO Ahmed Al Mohaisen said in January. Both the education and industrial sector made up 20% of the firm’s SAR 7 bn portfolio at the time.

Al Modawat to issue SAR 30 mn Islamic sukuk

Al Modawat Specialized Medical Company is planning a SAR 30 mn Islamic sukuk issuance via a private placement, according to Tadawul disclosure. The offering aims to support the company’s strategy by developing its operational activities and enhancing the efficiency and quality of its healthcare services. The company previously raised its capital by 200% to SAR 71.3 mn via a bonus issuance through the Securities Depository Center.

ADVISORS- The firm appointed Sukuk Capital as the sole arranger for the structuring, issuance, and placement of the sukuk. The sukuk will be offered through Sukuk Capital’s platform.

Ades snaps up Thailand drilling contract

Ades Holding will provide offshore drilling services in Thailand for Valeura Energy under a SAR 345 mn (USD 92 mn), three-year contract, it said in a Tadawul disclosure. The contract includes a one-year optional extension, with operations expected to commence in 4Q 2026 following the completion of the current regional campaign.

SPPC invites bids for 3 GW of capacity across Kingdom

Interested parties can now apply to snap up one of six battery storage projects to be set up under a build-own-operate model after the Saudi Power Procurement Company (SPPC) opened the door to prequalification bids. The projects will have a combined capacity of 3 GW and will span Qassim, Makkah, Madinah, and the Eastern Province.