GEMS Education, the Dubai-based school operator backed by Brookfield Asset Management, is among the parties that have submitted initial bids for Saudi Arabia’s Ajialuna Educational Co., according to sources familiar with the matter.
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GEMS Education, the Dubai-based school operator backed by Brookfield Asset Management, is among the parties that have submitted initial bids for Saudi Arabia’s Ajialuna Educational Co., according to sources familiar with the matter.
GEMS Education, the Dubai-based school operator backed by Brookfield Asset Management, is among the parties that have submitted initial bids for Saudi Arabia’s Ajialuna Educational Co., according to sources familiar with the matter.
Several local investors have also made non-binding offers for the Riyadh-based school company. Sulaiman Alrajhi Holding, which has majority ownership of Ajialuna, is seeking to sell its entire stake. Details on the other bidders and the potential deal value weren’t immediately available. Deliberations are ongoing, and bidders may choose to withdraw, while the owners could decide to hold on to the business longer.
Ajialuna, founded in 2008, serves more than 14,000 students across Saudi Arabia through a mix of private and international schools. Its brands include Al Forsan International Schools, with campuses in Riyadh, Al-Khobar, and a newly opened site in Jeddah. The schools offer international curricula from kindergarten to high school, serving both Saudi families and a growing number of expatriates.
As Saudi Arabia diversifies its economy and welcomes more expatriates under Vision 2030, demand for quality education is rising. Since foreign ownership rules were eased in 2017, international and regional school brands have been opening branches across Saudi Arabia. At the same time, more Saudi students are enrolling in international schools as part of government efforts to improve access and close the skills gap.
GEMS Education was founded by an Indian family over six decades ago and has since become one of the world’s largest private school operators. Last year, a consortium led by Brookfield, alongside other investors, committed $2 billion to GEMS in one of the region’s largest private equity deals. Today, GEMS runs dozens of schools across the Middle East and is expanding into India via a partnership with the Adani Group, which plans to build 20 schools over the next three years.
Brookfield has been one of the Middle East’s most active and largest institutional investors. It expanded into Saudi Arabia a few years ago and has since grown its presence. The Brookfield-led consortium that invested in GEMS included Gulf Islamic Investments, Marathon Asset Management, and the State Oil Fund of Azerbaijan.
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