Abu Dhabi consortium weighs bid for GEMS Education stake

Abu Dhabi consortium weighs bid for GEMS Education stake

Dubai: A consortium of Abu Dhabi state-backed entities is weighing an offer for a stake in Dubai-based GEMS Education, one of the world’s largest private school operators, people familiar with the matter said. Wealth fund ADQ and real estate developer Aldar Properties PJSC are among those exploring a joint bid for part of private equity-backed GEMS, the people said, asking not to be identified discussing confidential information. Aldar, which is backed by the Abu Dhabi wealth fund Mubadala Investment Co., already manages a schools business called Aldar Education. GEMS is owned by its founder Sunny Varkey and buyout firm CVC Capital Partners, who have been exploring options for their stakes in the business. Any sale may value GEMS at about $6 billion, Bloomberg News reported last month. Deliberations are ongoing and there’s no certainty that the Abu Dhabi funds will decide to make an offer for a stake in GEMS, according to the people. Representatives for ADQ, CVC and GEMS declined to comment, while a spokesperson for Aldar didn’t immediately respond to requests for comment. Parents in the UAE are among the world’s biggest spenders when it comes to educating their children, contributing to a glut of private schools. Dubai’s