GEMS to invest USD 300 mn to open 30 new schools across its footprint
INVESTMENT WATCH- GEMS to invest USD 300 mn to open 30 new schools across its footprint: Private sector education outfit GEMS is planning to invest USD 300 mn over the next two-and-a-half years to set up 30 new schools across its footprint, the CEO of its Egyptian arm tells Al Mal. Ahmed Wahby says GEMS wants to more than quadruple its student headcount to 25k -30k from 6k students in the coming few years with the new schools. Wahby did not specify how much of the USD 300 mn would be invested in Egypt.
Background: GEMS announced plans to start producing textbooks and provide training to teachers as part of a five-year expansion plan earlier this year. The company also acquired a majority stake in leading transportation provider Option Travel in 2019, marking its entry into providing transport services to students in the fund’s schools. GEMS Egypt was established in 2018 as a joint fund between EFG Hermes’ Egypt Education Fund and UAE-based Gems Education. It is focused on K-12 education in Egypt and currently owns four private schools, all located to the east of Cairo.