Education Industry Update for Q4, 2014
Education plays a major role in every aspect of human life. It not only provides knowledge but also gives every individual an opportunity to explore. Basic education is not just a need in today’s world but it is also knowledge that is passed on to generations. Getting accepted in a good school and a good college is equally important.
However, the people who live in impoverish countries do not have access to such opportunities. For instance, within UAE, Dubai has a huge population of expats – in fact, approximately 91% of the total population comprise of expats – whose demand for quality schools and universities is driving the sector. At the same time, the government’s push towards higher-level training is also creating jobs for trainers and educationists.
With over 30% of the GCC regions population between the ages of 15 and 29, this is the highest proportion of youth to adults in the region’s history. With youth unemployment in the Middle East standing at 25% – the highest in any region – it shows the necessity for an increased investment from governments into the education field. Additionally, according to a recent PwC survey shows that 60% of CEOs believe the education systems in the Middle East are failing at providing students with the right skills for employment.
So where to from here?
There is expected to be a larger investment in education over the upcoming months coupled with the increased disposable income of the middle class across the GCC it is expected to see a surge in society turning to the expensive, high-quality education of private schools.
Private schools offering international curriculum are emerging as a preferred choice over public schools, with this seeming to be the answer to help equip students better in the so called real world. The UAE continues to dominate the international school market, with the presence of 433 international schools while the UAE and Qatar rank high as preferred education destinations by students in the Middle East.
However, The GCC faces a shortage of skilled staff, primarily teachers, affecting the quality of education at both private and public institutions. Surely the only way is up? And thats what the forecast predicts, with an expectant growth of students of 3% until 2020 and total number of schools expected to rise at a 2.4% CAGR during the same period.
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