Dubai, UAE, 21st April, 2013: GEMS Education, has successfully raised AED 2 billion bank finance as part of its continuing investment in the education sector. The facility has a tenor of six years and has Islamic and conventional tranches. The facility raised will be used to refinance our investment in schools made over the last three years and to provide additional funds for the investment in new schools in the UAE and wider MENA region.
Abu Dhabi Islamic Bank, Mashreq Bank, Dubai Islamic Bank, and Noor Islamic Bank are the joint mandated lead arrangers and book runners for the financing. United Arab Bank is a participating bank in the facility. Deloitte Corporate Finance Limited acted as financial advisor to GEMS Education. Allen & Overy and Hogan Lovells acted as legal advisors for the Company and bank group respectively.
Founder and Chairman of GEMS Education, Sunny Varkey said, "I would like to thank the local banks for their continued support in our quest to meet the vision of the UAE Government in creating a world class education sector and a knowledge based economy. Their support is a strong endorsement of the strength and resilience of the education sector and the economy more broadly."
Dino Varkey, Chief Operating Officer said, "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 and GEMS Education commitment to meet the needs of the sector.
The new schools will be state of the art education facilities and will incorporate 21st century design and sustainability features that can be adapted as education delivery changes in the future. The schools will have British, Indian, International Baccalaureate, American and dual curriculums and will include a range of different fee levels. The company will also establish a Leadership Academy and Teacher Training Centre in Dubai."
GEMS Education is committed to showcasing the UAE as an exemplar of education systems worldwide. GEMS Education recently organized the inaugural Global Education and Skills Forum in Dubai, which involved 500 delegates from over 50 countries. Those delegates were given the opportunity to witness firsthand the quality of education being provided to children in the UAE.
-Ends-
About GEMS Education:
Founded in 1959 GEMS Education is an international K - 12 education company. Its vision is to be the world's leading provider of quality education, enriching the lives of millions of children and the communities in which they live. GEMS Education works across both the Private and Public sectors. In the Private sector the company is the largest kindergarten to grade 12 education provider in the world. It educates 130,000 students from over 150 nationalities across four continents. GEMS employs over 11,000 education professionals, specialists and staff from over 80 countries. In the Public sector GEMS Education works with governments to lift school performance and improve the standards and expertise of government schools across the globe. The Varkey GEMS Foundation was established in 2010 as an independent, not-for-profit charity. Its aim is to impact 100 underprivileged children for every child enrolled in a GEMS school. The Honorary Chair of the Foundation is former US President, Bill Clinton. GEMS has offices in the United Kingdom, Switzerland, the United States of America, Singapore, India, The Kingdom of Saudi Arabia, Qatar, Kenya, Egypt and the United Arab Emirates.
For more information, please contact:
Margaret Flanagan/ Rebecca Sageman
ASDA'A Burson-Marsteller
Tel: (+971) 4 4507 600
Email: margaret.flanagan@bm.com /rebecca.sageman@bm.com
© Press Release 2013
