Dubai, UAE: Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, is proud to announce that it played a pivotal role in spearheading a landmark USD 3.25 billion financing facility for GEMS Education, the largest private K-12 education provider in the world. This transaction underscores DIB's leadership in the financial sector, particularly in structuring and underwriting significant deals that foster growth and development in key industries.

The multi-billion dollar, sustainability linked facility was underwritten by a UAE bank consortium led by DIB. This financing, along with the investment by a consortium of regional and international investors led by Brookfield Asset Management has enabled GEMS to refinance its existing debt and exit the majority of the position of minority shareholders. 

DIB led this transaction, commencing discussions with the group in 2023 to develop alternatives towards refinancing their existing debt and create the financial framework enabling the exit of existing minority shareholders. Demonstrating its financial prowess and commitment, DIB underwrote and committed to over 50% of the financing transaction, marking one of the largest private sector commitments by DIB to date.  DIB coordinated with GEMS to establish the rest of the underwriting consortium with Mashreq Bank and subsequently ADCB and FAB, joining in the transaction as underwriters and MLA’s. The formation of an underwriter group comprising only UAE banks demonstrates the depth of the liquidity pool and underwriting capability for complex transactions available in the local banking market.

DIB’s role as the major underwriter and the bank’s continued engagement with GEMS Education reflects its deep-seated commitment to fostering educational excellence and financial stability.

Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: “We are proud to have led the largest leveraged buy-out transaction in the region, reflecting the Bank’s strong structuring and underwriting capabilities. DIB’s pivotal role in putting this deal together over a period of several months highlights the depth of its relationship with key clients like GEMS and its ability to bring in and manage multiple stakeholders in what has been a very complex transaction.”

Dr. Chilwan added, “We remain committed to UAE’s growth and sustainability agenda by supporting pivotal sectors such as education, which are crucial to the nation's long-term socio-economic development.”

Sunny Varkey, Founder of GEMS Education, said, “"We are pleased to announce the successful closure of a major financing package that will propel GEMS towards sustainable growth. This will enable us to continue our mission of providing world-class education in the UAE and beyond. We extend our gratitude to DIB for their significant commitment to this transaction. DIB has been a long-standing partner for GEMS and the Varkey group and has been engaged with us on this complex financing transaction since 2023. This financing underscores our commitment to creating long-term value for our stakeholders and making a positive impact on the planet and the communities we serve."

For more information, please visit www.dib.ae.

About Dubai Islamic Bank:

Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full service Islamic bank and the second largest Islamic bank in the world. With Group assets in excess of USD 80bln and market capitalization of nearly USD 9bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 3 million customers across the Group, DIB offers an increasing range of innovative Shariah compliant products and services to retail, corporate and institutional clients.

In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels. The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns a nearly 25% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE. In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry.

The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognized for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector.

For more information, please visit us at www.dib.ae