Dubai’s GEMS Education owners mull $6bn stake sale By Pramod Kumar September 27, 2022, 6:30 AM GEMS Education Another option weighed is an initial public offering as a potential exit route. UAE-based private school operator GEMS Education is planning to sell a controlling stake in the business or a market listing in a potential exit route, Bloomberg reported, citing people familiar with the matter. Private equity firm CVC Capital Partners and GEMS founder Sunny Varkey may sell their stakes, which could be valued at as much as $6 billion. CVC purchased its stake in the company in 2019. The news report said that sovereign wealth funds in the Middle East and prominent financial backers are examining the opportunity. Morgan Stanley and Goldman Sachs Group Inc. are assisting the owners in identifying buyers. Another option weighed is an initial public offering (IPO) as a potential exit route; however, the preferred option now is a sale. Talks are ongoing, and there’s no certainty that CVC and Varkey will proceed with the stake sales. GEMS operates more than 60 schools with over 130,000 students across the Middle East and North Africa. It also has schools in Asia, Europe and North America.
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 2 hours ago
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] 3 hours ago
Artificial Intelligence Mubadala seeks to balance AI risks and rewards Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […] 4 hours ago
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] 4 hours ago
