AlAhli SEDCO Residential Development Fund closes at SR350 million

Updated 15 June 2015
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AlAhli SEDCO Residential Development Fund closes at SR350 million

SEDCO Development, a subsidiary of SEDCO Holding Group and the prime developer of AlAhli SEDCO Residential Development Fund, has been awarded a contract for the construction of Gardenia Residence, a project owned by the fund in partnership with Ghoneim International Co. Ltd.
The project’s execution phase is 19 months, with expected delivery date set for end of 2016.
Khalid Assad Jamjoom, CEO of SEDCO Development, and Al-Said Ghoneim, GM of Ghoneim International Co. Ltd. signed the contract.
Gardenia Residence covers a 26,000 sqm land located west of Madinah Road previously acquired by the fund through SEDCO Development. The project accommodates more than 370 diversified residential units that cater to the needs of residents as part of the growing demand in Jeddah’s real estate sector.
Ghoneim International Co. Ltd. acquired the project under its ability to provide competitive prices and determine the timeline for the execution of the project.
NCB Capital has successfully closed the investment fund after its investors’ shares exceeded the targeted amount of SR350 million, aiming to achieve 10 percent internal returns per annum.


Alef Education launches first project in US

From right, Geoffrey Alphonso, CEO of Alef Education; Geoffrey Canada, president of the Harlem Children’s Zone and chairman of NexGen Education; and Hanut Singh, CEO of NexGen Education and CEO of QBS Learning.
Updated 17 October 2018
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Alef Education launches first project in US

Alef Education, a UAE-based education technology company, has announced the launch of its Alef education system in the US.

The system will be used at Harlem Children’s Zone (HCZ) schools in New York city, starting Oct. 15.

The Alef education system brings together a blend of the latest technology and pedagogical approaches geared toward learners of today. A key component of the system is the “Alef Platform,” which has three main pillars: 

•A fun and easy-to-use digital learning environment 

•High-quality digital content developed to engage and stimulate learning with a blend of videos, interactivities and games. 

•Real time data provided within each lesson to truly enable educators to support personalized learning and identify student strengths and weaknesses. 

The partnership between Alef Education and the Harlem Children’s Zone schools started in 2017 when leaders of those organizations met. The meeting included a review of best practices in pedagogy, instructional design, the use of technology, and the best ways to identify difficult concepts and detect struggling students early using data. 

Alef Education identified NexGen, an education technology startup based in New York City, as its US-based partner to carry forward the implementation of the program at the Harlem Children’s Zone schools and other school systems across the US. 

Geoffrey Alphonso, chief executive of Alef Education, said: “As a leading education technology company, we want to play a significant role in the creation of the next generation of innovative individuals around the world, and continue to provide the latest innovations in artificial intelligence-based and technology-driven education solutions within a holistic education system.” 

He added: “The implementation of our innovative education system in the Harlem Children’s Zone schools in New York city speaks of a quantum leap in our long-term mission to leverage technology to provide students with the personalized education they need to succeed, while also empowering teachers with real-time, actionable data.” 

Geoffrey Canada, president of the Harlem Children’s Zone schools in New York and chairman of NexGen Education, named one of the world’s most influential people by Time magazine and as one of the 50 greatest leaders by Fortune magazine, said: “We are pleased to welcome Alef Education’s innovative education system into our schools in New York as of October 2018. Education systems across the world are witnessing unprecedented transformations and a transition to a more dynamic education based on new technologies. In this context, we have decided to adopt this program to further enrich the resources available to our students to ensure they have access to the best the digital education industry has to offer.”