Dubai-based GEMS Education
, a leader in K-12 education, has exercised its option to initially buy a 50 per cent stake in four schools in Egypt which it has been managing since it entered the market earlier this year.
The four national and British curriculum schools, located in Rehab City and Madinaty, include The British International School Madinaty (BISM), two branches of Madinaty Integrated Language Schools (MILS) and The British School Al-Rehab (TBS).
As part of its 50/50 joint venture with EFG Hermes – a leading financial services corporation in frontier emerging markets; GEMS Education plans to acquire over 30 schools in Egypt over the next five years.
Dino Varkey, CEO of GEMS Education, said: “Our international expansion comes close on the heels of our consolidation within the UAE market which has been our home base for over six decades. We are committed to growth in the Egyptian market under terms set out in our joint venture with EFG Hermes, and we look forward to building on our partnership. We are just beginning our journey in the country, which is celebrating 2019 as the Year of Education, and we are excited about further building on our success in new markets.”
“We have nearly 60 years of experience in the field of education which not only opens up a multitude of opportunities for students but also for our teaching staff,” he added.
GEMS Education provides many value-add programmes including teacher training trough TELLAL, a GEMS initiative launched to provide teaching best practice with a pioneering curriculum. In addition, it offers its students programmes like UniConnect, where it has signed agreements with world-class universities providing scholarships exclusively to GEMS learners; GEMSXhibit, its future-focused R&D arm, and Student Employment, a first of its kind initiative, which connects GEMS students with industry leaders.
GEMS Education through its GEMS Rewards programme, gives access to a world of savings and deals. The programme is also designed to ensure that families can make their children’s education cost neutral through discounts and GEMS Points earning opportunities.
“In line with our first close for the Egypt Education Fund at 119m USD, this exercise of GEMS’ call option sets the right structure in place for our future partnership. We look forward to making a strong impact in the education market in Egypt with such a reputable and experienced partner like GEMS,” said Karim Moussa, head of Asset Management and Private Equity at EFG Hermes.
“With private equity activity in Egypt ebbing over the last few years, the fund’s success underscores our commitment to support Egypt’s recovery after a period of subdued investment activity,” concluded Moussa. – TradeArabia News Service
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