twofour54 exits four years investment in SAE Institute to CedarBridge
twofour54 exits four years investment in SAE Institute to CedarBridge
Snapshot duing one of the 3D animation courses offered by SAE
(image is from the SAE platform)
twofour54 announced today its exit from the UAE arm of the
SAE Institute (School of
Audio Engineering), with an acquisition by the education investor
CedarBridge for an
undisclosed amount.
The commercial arm of the Media Zone Authority in Abu
Dhabi, twofour54 first invested in SAE 4 years ago with the aim of
supporting the region’s media. During that period both parties
worked to increase professional development opportunities for media
professionals in order to improve the industry and attract business
investment.
“twofour54 will use the proceeds of the sale to
invest more aggressively in media, entertainment and digital
startup companies, which we see as key to Abu Dhabi’s future,” said
twofour54’s CEO Noura Al Kaabi, in a statement.
A global network of media training academies,
SAE Institute has over 30 years experience in the industry. It
offers diploma and bachelor degree programs in audio production,
film production, interactive 3D animation, web development, and
games programming.
“Our investment in SAE Institute was critical to
underpinning Abu Dhabi’s media industry during its early stages and
cemented our commitment to fuelling the local and regional industry
with a strong pool of Arab media talent,” Al Kaabi said.
CedarBridge will continue with the strategy
implemented by twofour54, and plans to expand into other campuses
around the UAE and encourage more UAE nationals to enter the
programs.
“Our decision to proceed with this investment
reflects a desire to invest more heavily in applied education in
the media and digital space, which we see as a key driver of future
growth for the UAE,” said CedarBridge’s managing director and
cofounder, Magellan Makhlouf.
twofour54 has long dedicated corporate venture
funds to support the development of the media sector in Abu Dhabi.
In addition to providing equity funding, twofour54 works with
entrepreneurs and early stage businesses to develop their business
plans and provides ongoing expertise, support and mentoring to
these startups.
“Small and medium businesses contribute a huge
component of the UAE’s non-oil GDP and account for a high
percentage of private sector employment,” said Al Kaabi. “We want
to strengthen our support for entrepreneurs who have creative ideas
to build businesses that will not only serve audiences but create
job opportunities for young people.”
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