Omani real estate fund invests in GEMS' 'most expensive school'

Dubai: An Omani fund has invested in the school operator GEMS Education's upcoming campus in Dubai Sports City.

The Izdihar Real Estate Fund is managed by Bank Muscat, and the investment is into the real estate side of the GEMS School of Research & Innovation.

The campus will be Dubai's 'most expensive school'.

Set to open in August, the campus is being developed at a cost of $100 million. "The school has already seen strong early enrolments, reflecting continued robust demand for quality education in Dubai," said a statement.

According to Dino Varkey, Group CEO of GEMS Education, “Their (Izdihar Real Estate Fund) investment underlines the strength of our education platform, our continued focus on high-quality infrastructure, and our confidence in Dubai as a leading global education hub.”

It was last year that GEMS received a significant investment commitment, in the form of global fund manager Brookfield and then by Dubai headquartered GII (Gulf Islamic Investments).

GEMS has been on a major expansion spree, including creating the school with one of the highest fees in the UAE.

The other leading school operator, Taaleem, is working on new campuses for the UK private school brand Harrow in Dubai and Abu Dhabi.

“Our partnership with Bank Muscat reflects a growing institutional interest in the education sector," said Ovais Chhotani, Chief Financial officer, GEMS Education.

"This investment reinforces GEMS Education’s commitment to expanding its network of world-class learning environments in the region and continuing our long history of investing in state-of-the-art facilities offering innovative and immersive learning experiences for our students.”