Bloom Education receives Dhs53m funding from Abu Dhabi’s ADFD

The Abu Dhabi Fund for Development (ADFD) has extended Dhs53m in financing on preferential terms to Bloom Education.

The funding makes Bloom one of the first beneficiaries of the Fund’s Dhs1bn initiative launched last year to support national companies through Covid-19.

Bloom Education is one of the biggest names in the UAE’s education sector. Bloom now operates eight institutions since opening its first school in 2011, delivering education to more than 8,000 pupils with 950 employees.

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To qualify for funding under the Dhs1bn initiative, a company must be registered in the UAE, while its annual returns should be no less than Dhs80m.

The initiative is one of several measures taken by the ADFD to support the national economy and encourage joint investment in developing projects and implementing them on a global scale. Over the past 10 years, the Fund has provided Dhs16.5bn in financing for Emirati companies that have implemented projects abroad.

“The Fund places the national economy as a top priority,” said Mohamed Saif Al Suwaidi, director-general of Abu Dhabi Fund for Development. “Emirati companies are the key drivers of our economy and we are committed to supporting them. We will ensure that they maintain their performances and emerge stronger. Their success is the UAE’s success, as well as our achievement.”