For other Informa Webinars: http://www.informa-mea.com/webinars To view recording: https://youtu.be/is6aoOdaqTg or watch the video at end of the slide Major opportunities exist for operators and investors interested in expanding Higher Education institutions in the Middle East. Having the right information, data and analysis is vital to successful development. Parthenon Managing Director, Amit Garga, and Vice President, Danish Faruqui will conduct an extensive market overview of higher education in the UAE, Saudi Arabia, and Qatar. The presentation will cover how regions are growing and what types of universities are growing. They will also cover how growth varies by location, course offerings, and between expats and local students. They will also explore what the drivers of growth in the region are and how they are expected to change in the coming years. In particular, they will discuss how regulations and events like Expo 2020 have the potential to effect changes in growth in higher education and how to benefit from these changes. Danish and Amit can answer questions on student preference and the qualities that are most preferred in an institution and opportunities for increasing international student enrolments. The presentation will be extremely data-driven and built from Parthenon-EY’s recent market research and analysis across the region. The presentation will also contextualize how operators and investors can best apply these lessons to improve their institutions or to decide how and where to invest. About your Presenters: Amit Garga, Partner, International Education Practice @ The Parthenon Group As a Partner with Parthenon’s Education Practice, Mr. Garga has worked closely with the leadership of various companies on market-opportunity assessment and sizing, growth forecasting, pricing strategy, competitor analysis and market share evaluation. Danish Faruqui, Senior Principal, International Education Practice, The Parthenon Group Mr. Faruqui is a Senior Principal with The Parthenon Group's Education Practice. He has led cases across geographies on topics such as market potential, growth and market-entry strategy and investment decisions.

1. Private Higher Education in MENA:
Lessons and Considerations for
Operators and Investors
Ashwin Assomull
October 2015

2. 2Parthenon
Agenda
Introduction to Parthenon
Global Higher Education Market
Perspectives on MENA Higher Education Market
Opportunities for Growth- Dubai Example

3. 3Parthenon
Overview and Capabilities
• Consumer Growth
• Education
• Healthcare
• Industrials
• Information & Media
• Private Equity
• Change Management and Implementation Support
• Competitive Analysis
• Corporate and Business Unit Strategy
• Cost Improvement
• Econometric Forecasting
• Innovation
• Marketing and Distribution Strategy
• Merger and Acquisition Strategy/Due Diligence and Execution
• Policy Development and Systems Design
• Sales Force Optimization
PRACTICES CAPABILITIES
OVERVIEW
• Founded in 1991 as a strategic advisory firm
• More than 270 members in 2014
• Offices in Boston, London, Singapore, Mumbai, Shanghai
and San Francisco
• Client mix includes Global 1000 corporations, middle-
market companies, private equity firms, educational
institutions, and healthcare institutions
• 29 Partners

4. 4Parthenon
Parthenon completes more than 150 education projects per year in over 80
countries worldwide; 1000 projects completed in the last decade
Early Years K-12 Transnational Education ELT and Vocational TrainingHigher Education
= Education Projects
Completed
by Parthenon

5. 5Parthenon
= Education Projects
Completed by Parthenon
Our team has deep global experience in the Higher Education sector
Minsheng
University

6. 6Parthenon
Representative MENA
On the ground experience
Parthenon has completed work in education on-the-ground across the MENA
region

7. 7Parthenon
Agenda
Introduction to Parthenon
Global Higher Education Market
Perspectives on MENA Higher Education Market
Opportunities for Growth- Dubai Example

8. 8Parthenon
Higher Education, Market Revenue by Country, 2014
China, India and Brazil are the largest higher education markets in the
developing world. However, Middle East market is growing the fastest
>20%
15%–20%
10%–15%
<10%
Revenue CAGR
(3 years)
N/A
China
$12M
Malaysia
$2,411.2M
Dubai
$578MSaudi
Arabia
$536M
South Africa
$328M
Kenya
$186M
Qatar
$150M
Abu Dhabi
$148M
Ethiopia
$16M
Singapore
$1,418M
Brazil
$9B
India*
$10B
Note: *Market size corresponds to Private Universities only

9. 9Parthenon
Agenda
Introduction to Parthenon
Global Higher Education Market
Perspectives on MENA Higher Education Market
Opportunities for Growth- Dubai Example

10. 10Parthenon
MENA countries’ tertiary gross enrolment typically trail wealth per capita
Note: ^Tertiary Gross enrollment ratio is enrollment in tertiary education regardless of age, expressed as a percentage of the total population of the five-year age group following on
from secondary school leaving.
Source: UNESCO, World Bank
0
25
50
75
100
105%
0 20,000 40,000 60,000
Qatar
Saudi Arabia
UAE
Singapore
South Africa
Brazil
Spain
Iceland
AustraliaNew Zealand
Slovenia
Iran
Peru
Chile
Argentina
Italy
India
China
USA
Mexico
Canada
PPP Adjusted Real GDP per Capita
$130,000
TertiaryGrossEnrolmentRatio
Lebanon
Croatia
TurkeyBulgaria
Romania
Tanzania
Kenya
Zimbabwe
UgandaMozambique
Costa Rica
Egypt
Colombia
United Kingdom+Northern Ireland
Germany
France
Thailand
South Korea
Philippines
Malaysia
Japan
Indonesia
R2 = 63%
Steep increase
(~8% CAGR)
Moderate increase
(~5% CAGR)
Stable enrolment growth
(~3% CAGR)
Tertiary Gross Enrolment Ratio (GER)^ Vs. PPP Adjusted Real GDP Per Capita, 2011
MENA countries typically
have lower GER relative
to their PPP per capita

11. 11Parthenon
Enrollment growth in key markets have been between 9-15% annually
0
5
10
15%
Qatar
Enrolment CAGR, '10-'13
15%
Saudi Arabia
15%
United Arab Emirates
9%
12% 43% 49%
Tertiary Gross
Enrollment
Ratio (GER)
Annual Enrolment Growth for Higher Education Institutions, by Country, 2010-2013
Source: UNESCO

12. 12Parthenon
0
2
4
6
8%
Abu Dhabi
Gain in Private
Share
7%
Qatar
4%
Saudi Arabia
1%
Dubai
0%
Increase in Private Enrollment as % of Total Enrollment, 2010-13
Private sector operators have been gaining share across key MENA markets
Source: Parthenon Higher Education primary research

13. 13Parthenon Source: Parthenon Higher Education primary research
0
20
40
60
80
100%
Dubai
Rochester Insti of Tech
Murdoch
Al Dar Uni College
Al Ghurair
British Uni in Dubai
Uni of Dubai
Emirates AviationUni
Dubai Medical ClgFor Girls
LBS
SP Jain
Emirates Academy of Hosp Mgmt
Amity
BITS Pilani
Manchester Buss School
Canadian Uni of Dubai
American Uni in Emirates
Heriot-Watt
American Uni in Dubai
Uni of Wollongong in Dubai
Islamic & Arabic Studies Clg
Uni of Modern Scncs
Manipal
Hult Intl Buss School
Middlesex
Uni of Jazeera
Uni of Saint JosephSaint-PetersburgExeter
ESMODDubai ClgOfDental MedicineEuropean UniClg
Dubai Sch OfGovtDubai PoliceAcademyCambridge ClgIntlMichigan StateUniSynergyIHC
Jumeira Uni
SAEInsti
Imam Malik ClgFor Islamic Sharia &Law
IMT
Hamdan BinMohammed S.Uni
Cass Buss School
Islamic Azad Uni
Royal Clgof Surgeons IrelandUni ofBradfordEmirates ClgFor Mgmt & IT
Dubai Pharmacy Clg
American Clgof Dubai
SZABIST
$578M
Saudi Arabia
Alfaisal Uni
Al Yamamah Uni
Uni of Business and Technology
Dar Al-Hekma College
Riyadh College of Denstistry
Dar Al Uloom Uni
Prince Sultan Uni
College of Business Administration
Ibn Sina National College for Medical Sciences
Effat Uni
Albaha Private College of Science
Others
Batterjee Medical College
Soliman Fakeeh College for Science and Nursing
Prince Fahad Bin Sultan Uni
Prince Mohammad Bin Fahd Uni
Qassim Private College
MohammadAl ManiCollege forMedical Sciences
$536M
Qatar
Georgetown Uni
Northwestern Uni
Carnegie
Mellon Uni
HEC Paris
Stenden Uni
Hamad bin Khalifa
Uni
Virginia CommonwealthUni
Uni of Calgary
Syscoms Institute
Texas A+M Uni
Uni College London
$150M
Abu Dhabi
Al Ain Uni of
Science and
Technology
Al Khawarizmi
International College
Al Hosn Uni
Abu Dhabi
Uni
Emirates
College of
Technology
New York Institute of Technology
EUROPEANINTERNATIONALCOLLEGE
ABUDHABISCHOOLOF MANAGEMENT
EMIRATESINSTITUTEFORBANKINGANDFINANCIALSTUDIES
Uni of Strathclyde Business School
SYSCOMSCOLLEGE
$148M
1 44 12 11No of Institutes
41K 32K 8K 14KEnrolment 2015
10% 16% 19% 12%
Enrolment CAGR,
'12-'15
Total = $1,413M
Annual Revenue, Private Higher Education, By Country/Emirate, 2015
The largest and private higher education market is Dubai, sized at $578M
5 Largest
Universities in the
Country

14. 14Parthenon
Growth of higher education is driven by increased expat and local demand,
government investment, and a need for employment-related courses
Increasing Expat
Demand
Increasing Local
Demand
Government Investment
Need for Higher
Education as a Means to
Employment
• Increase in expat
population
• Supply of foreign
branch universities
recognized by home
campuses
• MENA as an
increasingly attractive
work destination for
expats
• Increase in post-
secondary age group
• More enrollment per
post-secondary age
group
• Need for education of
local population to drive
future growth
• Need for diversification
of economy towards
knowledge-based
industries
• Increasingly competitive
labour market for both
locals and expats
• Degrees at world-class
institutions a valued
resource
1 2 3 4

15. 15Parthenon
0
20
40
60
80
100%
Dubai
% Expatriates
85%
Qatar
84%
Abu Dhbai
80%
Rest of the Emirates
78%
Saudi Arabia
31%
% Expatriates of Population, by Country, 2015E
Expatriates form ~80% of UAE’s and Qatar’s population
while Saudi Arabia has ~30% expats
Source: Newspaper Articles
Increasing Expat
Demand
1

16. 16Parthenon
To cater to expats, there is a wide range of university
foreign branch campus offerings in MENA
British American Australian Indian Other
Dubai
Increasing Expat
Demand
1
Dubai Dubai Dubai Dubai
Qatar
Qatar
Abu Dhabi
Abu Dhabi
Abu Dhabi
Qatar

17. 17Parthenon
Saudi Arabia has growing population of age for higher
education as well as an increasing tendency in enroll in
higher education
0.0
1.0
2.0
3.0M
2004
Population
of Age for
Higher
Education
2.1M
2005
2.1M
2006
2.1M
2007
2.3M
2008
2.4M
2009
2.4M
2010
2.4M
2011
2.4M
2012
2.4M
2013
2.4M
28% 58%29% 30% 30% 30% 31% 37% 43% 51%Tertiary GER
Population of Age for Higher Education in Saudi Arabia, 2004-2013
Source: UNESCO
Increasing Local
Demand
2

18. 18Parthenon
Countries in Middle East spend a higher proportion of
their budget on education than the rest of the world
0
10
20
30%
Saudi
Arabia
25%
UAE
24%
Qatar
11%
Singapore
17%
Brazil
15%
UK
13%
US
13%
India
13%
France
10%
Government Spend on Education as % of Total Spend, by Country, 2013E
Source: UNESCO
Government Investment
3
Middle East Rest of the World

19. 19Parthenon
NYUAD KAUST Qatar Education City
Location Abu Dhabi, UAE Thuwal, Saudi Arabia Doha, Qatar
Enrolment
(2015 est)
~800 ~1,200 ~2000
Local Sponsorship
/ Support
Significant budgetary support from
Abu Dhabi Government
Public university with a $20 billion
endowment fund
Backing of the Qatar Foundation
Budget More than $200M ~$700M n/a
Long-Term View
on Profitability
Non-profit Public University Non-profit
Strong Focus on
Research
Several multi-disciplinary research
initiatives in line with home campus
In 2013 it was announced that KAUST
had one of the fastest growing research
and citations record in the world
The education city has a dedicated
research centre in the complex
Reputation (QS/FT
Ranking)
Rank: 247 N/A
Multiple highly ranked institutions
including UCL, Cornell and
Northwestern have a presence in the
Education City
Profile of Landmark Higher Education Institutions in MENA
Source: Parthenon Research
MENA governments have invested heavily into building
world-class research institutions
Government Investment
3

20. 20Parthenon
0
25
50
75
100
125
Employment
Opportunities
Weighted
Mentions
Weighted
Mentions
=101
Quality of
Infrastructure
Weighted
Mentions
=58
Total Fee
Weighted
Mentions
=46
Study Abroad
Programs
Weighted
Mentions
=33
Quality of
Academics
Weighted
Mentions
=32
Proportion of
Expatriate
Teachers
Weighted
Mentions
=17
Partnerships
with Foreign
Universities
Weighted
Mentions
=14
Quality of
English
Instruction
Weighted
Mentions
=5
Q: What were your top selection criteria while enrolling in your current university?
Source: Emirati and Other Arab Student Survey (n=51)
Employment opportunities after graduation is the top
selection criteria for Emirati and other Arab students
when enrolling in a university
Need for Higher
Education as a Means to
Employment
4

21. 21Parthenon
Employment-related courses (Business, Engineering,
and IT) account for ~80% of enrolment in foreign branch
campuses and only <50% in local universities
Source: Parthenon Higher Education Survey; KHDA; MOHESR; UAE National Bureau of Statistics
Private University Enrolment, By Type of University and Discipline, Dubai, 2013/14
Employment
related courses0
20
40
60
80
100%
Foreign Branch
IT
Engineering
Business
Law
Others
Comm & Marketing
Art & Social Sciences
18K
Local
Medicine
Law
IT
Business
Engineering
English Language
Others
Comm & Marketing
Islamic
Art & Social Sciences
23K
82% 46%
% Employment
Related
26 24No. of Institutes
Need for Higher
Education as a Means to
Employment
4

22. 22Parthenon
Private universities have more Western faculty than
public universities resulting in higher standards of
English language-based tuition
Need for Higher
Education as a Means to
Employment
4
Commentary
• “English as the language of instruction
has gained popularity with both students
and employers. Private universities have
a higher percent of expatriate teachers,
which ensures students get exposure to
English. This has been one of the key
success factors for private universities
here”
• “Compared to Saudi nationals, expatriate
teachers perform better. Hence a number
of private universities employ expatriate
teachers
– Former Provost and Acting
President, Saudi Arabian Private
University
Percentage of Western Faculty in Private and Public Universities, 2010
0
20
40
60
80
100%
Private Average
Western Faculty
36%
Public Average
5%

23. 23Parthenon
Agenda
Introduction to Parthenon
Global Higher Education Market
Perspectives on MENA Higher Education Market
Opportunities for Growth- Dubai Example

24. 24Parthenon
Dubai Abu Dhabi
Complexity of
Regulations
Time Required to
Obtain Approvals
~1 year ~3 years
Foreign Ownership
Approval Body
Ease of Entry
Private Enrollment 2015 41K 14K
Dubai is an example of an economy that has been successful in attracting a
wide range of options due to its favourable regulatory environment
Attractive Unattractive
Source: Parthenon Research

25. 25Parthenon
Students are increasingly mobile; transnational education takes
~2.5M students every year to global hubs
Canada
100KStudents
=$3B
Revenue
UK
400KStudents
Australia
300KStudents
USA
600K Students Singapore
~30KStudents
=$0.5B Revenue
Dubai
~6KStudents
=$0.1B
Revenue

26. 26Parthenon
Dubai’s Value
Proposition
Employability-Related
Courses
Student
Satisfaction
Attractive
Location
Dubai’s value proposition for higher education students is
driven by three key assets

27. 27Parthenon
0
20
40
60
80
100%
Western Foreign
Branch
% Business
79%
Local offering
Foreign
Curriculum
% Business
62%
Eastern
Foreign Branch
Curriculum
% Business
54%
Local offering
Local
Curriculum
% Business
49%
('11-'14)
9%
% Business Enrolments, By Type of University, Dubai, 2014
Source: Parthenon Higher Education Survey; KHDA; MOHESR; UAE National Bureau of Statistics
Employment related courses are driving growth across the different
university segments, particularly in the Western foreign branches

28. 28Parthenon
Satisfaction with the Dubai experience is high among both current
students and recent graduates
0
100
200
300
0 = Extremely
Poor
1
2
3
4
5
6
7 = Extremely
Good
# of
Quality
Institutions
290
Job
Placement
Record
209
Prefered
Course
Quality
112
Local
Infra-
structure
Quality
61
Campus
Facilities
Quality
60
Course
Quality
57
Recognition
of Degree
Globally
26
Accom-
adation
Quality
19
Other
60
Current Student
Satisfaction
Recent Graduate
Satisfaction
Q. Which of the following factors did you consider when selecting a country/city
for higher education?
Q. How does Dubai rate on the top 3 factors?
Source: Dubai Current Students and Recent Graduates Survey, n=149 (current students=99; recent graduates=50)

29. 29Parthenon
Why is Dubai an attractive destination for students?
Source: Parthenon Analysis
Close to the
World
• Ideally located to attract European, African, East,
Southeast Asian, South Asian, GCC, and CIS
students
1
English Speaking
• Students can use and improve their English, and
the degree is well perceived internationally
3
Safe
• Safe environment for students, an important
factor for both students and families
2
Strong Economy
• A fast-growing economy in need of graduates in a
variety of industries
4
Quality of Life
• Diverse, culturally active city
• Expo 2020 host city will attract global attention
5

30. 30Parthenon
How can Dubai increase international students?
Develop “Education
Dubai” Brand
Identify Key
Source Countries
Develop Strategic
Marketing Plan
• Develop
regional/local
messaging and
product
Build Relationships
with Agents
• Prioritize markets
based on growth
rates and external
factors
• Target the
identified source
markets through
relevant language
and channels
• Develop
relationships with
agents or agent
aggregators in the
identified markets
1 2 3 4
0
20
40
60
80
100%
Malaysia Private Higher Education*
Other
South Korea
Other Indian Sub-continent
Pakistan
Bangladesh
China
Other SE Asia
Indonesia
Other Middle East
Yemen
Iran
Other Africa
Sudan
Libya
Nigeria
62.7K
APU
Other Indian
Sub-Continent
India
Maldives
China
Other SE Asia
Indonesia
Central Asia
Other Middle East
Yemen
Oman
Iran
Other Africa
Tanzania
4.8K
Taylor's
South Korea
Other Indian Sub-continent
Pakistan
Maldives
China
Other SE Asia
Indonesia
Kazakhstan
Other Middle East
Iran
Other Africa
Tanzania
Mauritius
2.5K
Other East Asia
Other
CentralAsian
Kazakhstan
Others
East Asia
Other
Other East Asia
Other Central Asia
55% 60% 22%
% Students from Africa,
Middle East and CentralAsia