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FINANCIAL NEWS
Dubai’s GEMS plans USD300m expansion
29 Mar 2011
(MENAFN) Dino Varkey, a senior executive at the Dubai-based private schools operator, GEMS, said that the company is planning expansions worth USD300 million through adding new schools in Kenya, reported Arabian Business.
Varkey said that GEMS is considering launching an initial public offering (IPO) in order to finance the planned expansion.
Varkey added that the company seeks increasing its teaching capacity to five million students by 2024, which would boost the value of the company to USD60 billion.
Varkey added that these expansions would serve local communities as well as they require hiring 450,000 teachers and 55,000 senior leaders.
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