According to a story reported by Bloomberg, Dubai’s GEMS Education group obtained a loan of $545 million to fuel its expansion.
“Recently we announced our intention to build 10 new schools in the U.A.E. over the next two years to meet growing demand,” GEMS Education’s Chief Operating Officer Dino Varkey said in the statement. “This new bank facility supports this expansion plan.”
The six-year facility with Islamic and conventional parts was arranged by Abu Dhabi Islamic Bank (ADIB) PJSC, Mashreqbank PSC (MASQ), Dubai Islamic Bank PJSC, (DIB) and Noor Islamic Bank, the Dubai-based company said in an e-mailed statement today. United Arab Bank (UAB) participated in the facility.
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