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FINANCIAL NEWS
Dubai’s GEMS to raise USD 250mn for expansion
25 Apr 2016
(MENAFN) Dubai’s GEMS Education raised a USD 250mn loan to build new schools in the Gulf Cooperation Council states and other nations.
Moreover, the firm obtained the three-year loan in dollars and dirhams, more than 80 percent of which will be paid at maturity and the remained over the loan’s life.
In addition, Dubai’s main banks were amidst the one which provided the funds, whereas United Arab Bank and Barwa Bank didn’t respond to calls.
GEMS Education recorded a 13 percent increase in income to USD 467mn in the financial half-year ended Feb. 28 as student employments jumped to 98,849.
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