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Riyadh: UAE-led Almasar Alshamil Education, a subsidiary of DFM-listed Amanat Holdings, announced Tuesday it has signed a head of terms agreement with Scotland’s Heriot-Watt University to establish Heriot-Watt University Saudi Arabia.

This marks a major expansion for both the Gulf education provider and the 200-year-old Scottish institution. Heriot-Watt already operates international campuses in Dubai and Malaysia.

Last week, Almasar Alshamil Education announced it has received approval from Saudi Arabia’s Capital Market Authority (CMA) to proceed with an initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul).

The agreement between Almasar and Heriot-Watt, signed in London in the presence of Saudi Arabia’s Chargé d’Affaires and government representatives from Saudi Arabia, Britain, and Scotland, remains subject to definitive agreements and regulatory approvals.