Karim Moussa, Co-CEO of EFG Hermes, an EFG Holding company
EFG Hermes plans to invest $300 million in MindSpire Education, with more than $100 million already deployed, Karim Moussa, Co-CEO of EFG Hermes, an EFG Holding company, told Argaam in an interview. 
MindSpire has been formally launched in Saudi Arabia as a regional K-12 education platform, marking its expansion from Egypt into Saudi Arabia and the wider GCC with backing from EFG Hermes.
MindSpire oversees more than 20 schools and serves over 20,000 students across Egypt and Saudi Arabia. Growth is supported by the company’s Saudi Education Fund, which continues to finance expansion through acquisitions and upgrades of educational assets in line with Vision 2030.
Moussa added that expansion will be driven by acquiring existing schools alongside selective greenfield developments. Operations have begun in Riyadh, with expansion underway into Jeddah and the Eastern Province. He expects growth to outpace the initial plan of 15–20 schools.
Here’s the full Interview:
Q: What has changed in MindSpire Education’s business model and strategy after shifting from the Spark Education Platform?
A: Our business model and investment approach continue to evolve, alongside a broadening mandate in education.
The new brand identity reflects this company’s growth objectives and aligns with our ambition to become a leading regional education operator.
We are focused on the full value chain, aiming to address human capital gaps across our core markets.
Q: How do you see demand and growth trends for private education in Saudi Arabia, the GCC, and Egypt? And what are the key differences between these markets?
A: Saudi Arabia offers strong growth potential, supported by a favorable investment environment and Vision 2030 targets to expand private education as the education market doubles in size.
The Saudi Education Fund, MindSpire, was established to capture these opportunities. MindSpire is positioned to play a meaningful role in the sector by offering a flexible, scalable model that delivers high-quality education across different segments.
We have successfully built a similar model in Egypt and are now scaling it in Saudi Arabia.
Q: MindSpire operates more than 20 schools and serves around 20,000 students—how does this translate into capacity, occupancy rates, and average tuition fees?
A: Our Investment strategy has focused on building a strong centralized operating platform to manage and standardize performance across assets.
This has enabled us to launch MindSpire as an integrated education operator with a proven track record in developing and managing high-quality institutions across multiple income segments, while maintaining a strong focus on educational outcomes.
This operating model gives us a clear competitive edge and supports sustainable regional growth.
Q: What is revenue breakdown with regard to tuition fees, school management and operations, and other education-related services?
A: Our model has evolved significantly since entering the sector in 2018.
Today, we operate across multiple structures and partnership formats tailored to market needs.
This resilience is a key strength, enabling us to unlock value across our platforms and position MindSpire as a partner of choice.
Q: What are your expansion plans? Are you targeting acquisitions of existing schools or greenfield development? Which approach will have alarger share of your assets?
A: We prioritize acquisitions of operating schools and scaling them, including turnaround and restructuring opportunities and partnerships with strong local operators. Additionally, we target selective greenfield development in high-demand areas.
The approach balances rapid scale with long-term growth. Geographically, we launched in Riyadh and are expanding into Jeddah and the Eastern Province.
Q: What do you expect for expansion capex in the coming period?
A: EFG Hermes’ Saudi Education Fund, MindSpire, has secured commitments exceeding $200 million to date, with roughly half deployed in the first year of operation.
We aim to raise an additional $100 million in 2026, bringing the fund size to $300 million, to be fully invested over the next two to three years.
Q: What are your targets for school and student count over the next three to five years?
A: Our initial target was 15–20 schools across Saudi Arabia.
However, with a more flexible investment approach, we have scaled faster than planned.
We believe MindSpire is well positioned to become a leading education operator in the Kingdom, delivering impact at scale across tens of thousands of students.
Q: What is the size of EFG Hermes’ investment in MindSpire, and how will itsupport expansion financing and growth plans?
A: EFG Hermes’ Saudi Education Fund, MindSpire, is targeting a total investment of $300 million in MindSpire, with over $100 million already invested. This will underpin expansion and accelerate growth across the platform.
Karim Moussa, Co-CEO of EFG Hermes, an EFG Holding company
EFG Hermes plans to invest $300 million in MindSpire Education, with more than $100 million already deployed, Karim Moussa, Co-CEO of EFG Hermes, an EFG Holding company, told Argaam in an interview.
MindSpire has been formally launched in Saudi Arabia as a regional K-12 education platform, marking its expansion from Egypt into Saudi Arabia and the wider GCC with backing from EFG Hermes.
MindSpire oversees more than 20 schools and serves over 20,000 students across Egypt and Saudi Arabia. Growth is supported by the company’s Saudi Education Fund, which continues to finance expansion through acquisitions and upgrades of educational assets in line with Vision 2030.
Moussa added that expansion will be driven by acquiring existing schools alongside selective greenfield developments. Operations have begun in Riyadh, with expansion underway into Jeddah and the Eastern Province. He expects growth to outpace the initial plan of 15–20 schools.
Here’s the full Interview:
Q: What has changed in MindSpire Education’s business model and strategy after shifting from the Spark Education Platform?
A: Our business model and investment approach continue to evolve, alongside a broadening mandate in education.
The new brand identity reflects this company’s growth objectives and aligns with our ambition to become a leading regional education operator.
We are focused on the full value chain, aiming to address human capital gaps across our core markets.
Q: How do you see demand and growth trends for private education in Saudi Arabia, the GCC, and Egypt? And what are the key differences between these markets?
A: Saudi Arabia offers strong growth potential, supported by a favorable investment environment and Vision 2030 targets to expand private education as the education market doubles in size.
The Saudi Education Fund, MindSpire, was established to capture these opportunities. MindSpire is positioned to play a meaningful role in the sector by offering a flexible, scalable model that delivers high-quality education across different segments.
We have successfully built a similar model in Egypt and are now scaling it in Saudi Arabia.
Q: MindSpire operates more than 20 schools and serves around 20,000 students—how does this translate into capacity, occupancy rates, and average tuition fees?
A: Our Investment strategy has focused on building a strong centralized operating platform to manage and standardize performance across assets.
This has enabled us to launch MindSpire as an integrated education operator with a proven track record in developing and managing high-quality institutions across multiple income segments, while maintaining a strong focus on educational outcomes.
This operating model gives us a clear competitive edge and supports sustainable regional growth.
Q: What is revenue breakdown with regard to tuition fees, school management and operations, and other education-related services?
A: Our model has evolved significantly since entering the sector in 2018.
Today, we operate across multiple structures and partnership formats tailored to market needs.
This resilience is a key strength, enabling us to unlock value across our platforms and position MindSpire as a partner of choice.
Q: What are your expansion plans? Are you targeting acquisitions of existing schools or greenfield development? Which approach will have alarger share of your assets?
A: We prioritize acquisitions of operating schools and scaling them, including turnaround and restructuring opportunities and partnerships with strong local operators. Additionally, we target selective greenfield development in high-demand areas.
The approach balances rapid scale with long-term growth. Geographically, we launched in Riyadh and are expanding into Jeddah and the Eastern Province.
Q: What do you expect for expansion capex in the coming period?
A: EFG Hermes’ Saudi Education Fund, MindSpire, has secured commitments exceeding $200 million to date, with roughly half deployed in the first year of operation.
We aim to raise an additional $100 million in 2026, bringing the fund size to $300 million, to be fully invested over the next two to three years.
Q: What are your targets for school and student count over the next three to five years?
A: Our initial target was 15–20 schools across Saudi Arabia.
However, with a more flexible investment approach, we have scaled faster than planned.
We believe MindSpire is well positioned to become a leading education operator in the Kingdom, delivering impact at scale across tens of thousands of students.
Q: What is the size of EFG Hermes’ investment in MindSpire, and how will itsupport expansion financing and growth plans?
A: EFG Hermes’ Saudi Education Fund, MindSpire, is targeting a total investment of $300 million in MindSpire, with over $100 million already invested. This will underpin expansion and accelerate growth across the platform.
