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Mon 24 Dec 2018 03:47 PM

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Dubai's GEMS exercises option to buy stake in Egyptian schools

Under agreement with EFG Hermes, GEMS plans to acquire more than 30 schools in Egypt over next five years

Dubai's GEMS exercises option to buy stake in Egyptian schools
Dino Varkey, CEO of GEMS Education.

Dubai-based GEMS Education on Monday announced that it has exercised its option to initially buy a 50 percent stake in four schools in Egypt.

The company, a provider of private English-language education for students from kindergarten to twelfth grade, said it has been managing the schools 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, the financial services corporation, GEMS Education said it 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.”

He added: “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.”

Karim Moussa, head of asset management and private equity at EFG Hermes, said: “In line with our first close for the Egypt Education Fund at $119 million, 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.”

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