GEMS Education raises $545m loan for expansion
Dubai, April 21, 2013
GEMS Education, a UAE-based education company, has raised a 2 billion dirham ($545 million) loan from local banks for new investments in schools in the region and for refinancing, a company statement said on Sunday.
The loan, which is a mix of Islamic and conventional financing, was lead-managed by Abu Dhabi Islamic Bank, Mashreq, Dubai Islamic Bank and Noor Islamic Bank.
"Recently we announced our intention to build ten new schools in the UAE over the next two years to meet growing demand and the quality targets set by the local authorities. This new bank facility supports this expansion plan," Dino Varkey, GEMS chief operating officer, said in the statement.
In March, sources told Reuters that the firm was in the process of merging its global operations to create a business worth up to $2 billion, and was considering an initial public offer of shares in 2013. Founder and chairman Sunny Varkey said there were no plans for an imminent share listing.
GEMS operates popular private schools across the Gulf Arab region, catering to many well-to-do expatriates. – Reuters
More Education, HR & Training Stories
- 100 experts for Dubai HR summit
- J4B marks first year with Tamkeen backing
- Saudi CEOs ‘highest paid in GCC’
- UAE ministry seals Microsoft deal
- Pact signed for UAE girls students' development
- Bahrain private school to resume classes
- BIBF signs deal with Palestinian institute
- Number of Omani working women soars
- Bayt.com launches Employer of Choice Awards
- Rota interview to screen youth conference applicants
- Experts discuss ways to build talented aviation workforce
- Top e-learning experts at Dubai summit
- Top education experts win GESS awards
- Bahrainis top GCC nationals seeking Saudi jobs
- Transguard launches graduate trainee programme
- Applications invited for Bahrain scholarship
- New technology training for educators
- Mubadala tie-up promotes healthy lifestyle
- GCC education sector short of 200,000 professionals
- Rosetta Stone buys language-learning firm
- Focus on special needs education
- NIIT signs deal with Com Group
- iPads replace textbooks in 75 Saudi schools
- 250 students tour aviation training facility in Abu Dhabi
- 40 Jordanian students showcase apps, games
- New Indian school opens in Dubai
- Sharp to showcase educational products at Gess2014
- Qatar science park offers training to tech entrepreneurs
- Bahrain Indian School opens new campus
- Labour reforms 'key to job creation'