Gulf Islamic Investments (GII) announced on Thursday that it has joined a consortium headed by Brookfield Asset Management to acquire a stake in Dubai-based Gems Education. The investment by the Brookfield-led group, which includes GII, aims to bolster Gems' status as the premier private K-12 education provider in the Middle East. GII, managing assets exceeding $4.5 billion, highlighted that this marks its second deal with Brookfield in 2024, following the sale of its majority stake in its UAE logistics unit to Brookfield in April for an undisclosed sum.
Gems, the leading private school operator in the Middle East, anticipates enrolling over 140,000 students across its 46 schools in the UAE and Qatar by September 2024, with two new schools set to open in Dubai and Abu Dhabi this August. Sunny Varkey, the founder of Gems Education, emphasized the company's growth trajectory and its commitment to delivering high-quality education and critical infrastructure in the UAE.
Pankaj Gupta, co-founder and co-CEO of GII, noted that the UAE's robust economic growth is underpinned by a solid educational foundation, and GII's investment in Gems will propel the company's future expansion. Mohammed Alhassan, also a co-founder and co-CEO of GII, added that GII has a proven track record of investing across various sectors in the GCC, including education, healthcare, logistics, food, and real estate.
