Dubai: GEMS plans $300 million spend, aims to educate 35,000 students by 2028
GEMS Education has allocated $300 million for the next two to three years to pursue organic growth according to its CEO who spoke to Reuters because the company is banking on both population expansion and the arrival of affluent individuals.
Dubai stands as the world's fastest-expanding city which draws its population growth from international residents, particularly wealthy individuals because of its tax system and business-friendly environment along with beneficial time zone positioning.
CEO Dino Varkey announced that their international education provider plans to boost its student population to 30,000-35,000 students by 2028 during a conference in Abu Dhabi.
He pointed out that people who moved to Dubai from both Eastern and Western regions created the demand. The UK's implementation of VAT on private school fees alongside the elimination of non-domiciled status has prompted multiple millionaires to relocate to the United Arab Emirates.
According to Varkey the tax reforms happening in the UK and parts of Western Europe have led more families to relocate to the UAE.
The school operator received an investment from a consortium led by Brookfield Asset Management (BAM.TO) last year while more private equity firms decide to support Gulf local businesses.
According to Varkey, GEMS will open a school this August with potential future tuition fees reaching $56,000 annually and will explore acquisition opportunities.
GEMS Education began as a single school in 1968 and now serves approximately 200,000 students internationally. GEMS invests $300M in education! The organization plans to educate 35,000 students by 2028 while forming Dubai's educational landscape.
Comments