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The investor calls this as ‘responsible investment’ which is in line with UAE Vision 2021 & Saudi Vision 2030
Dubai, UAE – 14 March 2019 – Coded Minds, a fast-growing education technology firm, has announced the closing of its latest round of funding from a single investor, Alarabi Investments. By investing AED 10 million, Alarabi Investments has become a significant minority shareholder in Coded Minds Limited therefore valuing Coded Minds now at AED 40 million with this round of funding.
Coded Minds offers modernized project-based courses taught across the UAE’s private and public schools. The company is licensed by Knowledge & Human Development Authority (KHDA). The company has developed a disruptive business model that aims to change the dynamics of the education sector. This new approach will capitalize on the relatively younger population of GCC countries.
“We welcome a fabulous partner like Alarabi Investments onboard and believe that this partner- ship will allow Coded Minds to not only execute on its UAE expansion plans but also to further enter into Saudi Arabia as a key market immediately while continuing to develop & enhance our course offerings” said Omar Farooqui, Founder and Chief Innovation Officer of Coded Minds.
Mohammad Alghaith, CEO of Alarabi Investments, called this an organic collaboration. “It is our mandate to invest in next generation’s disruptive businesses with mass scalability in the GCC and beyond. Education especially iSTEAM* *(innovation, science, technology, engineering, arts and mathematics) fits perfectly in our agenda. We are also excited to be part of Coded Minds’ noble agenda of spreading knowledge among the next generation around the world,” said Alghaith.
Omar Farooqui said that the collaboration is part of Coded Minds’ global expansion strategy. “This year, Coded Minds will be expanding its operations into Saudi Arabia, while further solidifying its UAE operations and starting to look into Asia namely Pakistan for opportunities”
“We are committed to forming new education paradigms for our children, in order to equip them with the right skills and prepare them for future challenges” said Farooqui, who is a Dubai-based Saudi national. Omar Farooqui was an investment banker for best part of two decades before starting Coded Minds two years ago.
Farooqui said his company not only provides technology focused & integrated courses but is also on a mission to bring about a revolution in the education sector in the classroom and beyond through the implementation of technology and a revolutionary business model. “Learning must be continuous, enjoyable and life-long and not time bound whether at primary, secondary or higher education and the methodology of delivery of subject matter needs radical rethinking,” he said.
Based in Dubai International Financial Center (DIFC) since March 2018, Alarabi Investments focuses on delivering change, value and impact through investment in prospective opportunities. This investment is the company’s second, after successfully investing in a Saudi healthcare start- up that is powered by artificial intelligence, also a disruptive business model and the first of its kind in the region. It is also in line with Saudi Arabia Vision 2030 and the fund is geared towards supporting this vision.
“Investing in education will add value to our vision. Education is a responsible investment not just for the company but also for the country’s future. We are happy to have joined hands with Coded Minds in this endeavor,” said Mohammad Alghaith the CEO of Alarabi Investments.