Dubai – Mubasher: Dubai Islamic Bank (DIB) led a $3.25 billion financing facility for GEMS Education, the largest private K-12 education provider in the world, according to a press release.
The transaction anchors DIB's leadership in the financial sector, particularly in structuring and underwriting significant deals that foster growth and development in key industries.
Meanwhile, the financing has enabled GEMS to refinance its existing debt and exit the majority of the position of minority shareholders.
The lender underwrote and committed to more than 50% of the financing transaction, marking one of the largest private sector commitments by DIB to date.
DIB coordinated with GEMS to establish the rest of the underwriting consortium with Mashreq Bank and subsequently ADCB and FAB, joining the transaction as underwriters and MLA’s.
Adnan Chilwan, Group CEO at DIB, commented: “DIB’s pivotal role in putting this deal together over a period of several months highlights the depth of its relationship with key clients like GEMS and its ability to bring in and manage multiple stakeholders in what has been a very complex transaction.”
Chilwan added: “We remain committed to UAE’s growth and sustainability agenda by supporting pivotal sectors such as education, which are crucial to the nation's long-term socio-economic development.”
Sunny Varkey, Founder of GEMS Education, said: "We are pleased to announce the successful closure of a major financing package that will propel GEMS towards sustainable growth. This will enable us to continue our mission of providing world-class education in the UAE and beyond."
In the first quarter (Q1) of 2024, DIB recorded net profits valued at AED 1.66 billion, an annual rise from AED 1.50 billion.
