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CORE Education & Technologies’ arm inks joint venture with Mackeen Holding

Core Education & Technologies Ltd. | IT - Software | IT & ITES | BSE: 512199 | NSE: COREEDUTEC

11 Jun 2012 Evaluate

CORE Education & Technologies - wholly owned subsidiary - CORE Education & Consulting Solutions PZ LLC (CORE) have inked a joint venture with Mackeen Holding, a quasi-government business group with diversified interests in Qatar, for developing world-class education environment in Qatar.

As per the terms of the joint venture, Mackeen will own 51% percent while the rest will be owned by CORE. CORE and Mackeen will also design, conceptualize and implement ‘CORE Thinking Schools’ across the country, further transforming the educational system of Qatar, while introducing global best practices in education project implementation, evaluation and monitoring.

The joint venture will also allow Mackeen and CORE align their educational products and solutions offerings to Qatar's National Vision2030 where education is a major focus. Currently, the Qatar government spends an estimated $5.2 billion (QR19 billion) annually on education alone.

Besides, this milestone development is the first major initiative for CORE in the $65 billion (QR238 billion) education sector in the Gulf Cooperation Council (GCC). Recently, it had announced a partnership with the Ras Al Khaimah Government in the UAE through RAK Free Trade Zone Authority (RAK FTZ) & Birla Institute of Technology, Ranchi (BIT), a premier engineering institute of India. CORE is in the process of finalizing similar joint venture agreements with partners in Saudi Arabia and other GCC countries.

CORE Education & Technologies operate in three segments; Education, Enterprise Resource Planning (ERP) and consulting and logistics. The major contribution to the revenues of the company comes from the education solutions segment which contributed about 75% to the total revenues of CPTL in FY10 while the ERP segment contributed about 19% and the remaining 6% came from the consulting and logistics segment.

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CORE Education & Technologies’ arm inks joint venture with Mackeen Holding

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