Baker McKenzie Advises Izdihar Fund on GEMS School Acquisition
Baker McKenzie has taken a significant step in the world of education and real estate in Dubai by advising the Izdihar Real Estate Fund, under Bank Muscat, in its acquisition of a site for the GEMS School of Research and Innovation. This ambitious educational initiative is not just another school; it’s being positioned as a pioneering development in the realm of private education.
A Vision for Future Learning
Scheduled to open in September 2025, the GEMS School of Research and Innovation will offer a British curriculum. But it’s not just the curriculum that sets this school apart; it’s the innovative features designed to foster a superior learning environment. Among the standout amenities is a remarkable rooftop football field that doubles as a helipad, a professional-grade auditorium with a seating capacity of 600, and an Olympic-sized swimming pool, all aimed at providing students with an unmatched educational experience.
Investment and Infrastructure
The construction of this state-of-the-art institution comes at a hefty price, with costs nearing $100 million. The investment reflects a commitment to providing a premium academic experience. By the time the school reaches its final year, tuition fees are projected to surpass AED 200,000 per student, indicating a focus on catering to a wealthy demographic looking for top-notch education.
Baker McKenzie’s Role
Leading this pivotal transaction for Baker McKenzie were Keri Watkins, Partner and Co-Head of the Real Estate and Hospitality Practice for the Middle East, along with Senior Associate Patrick McGregor, who specializes in Corporate and M&A. Watkins expressed pride in supporting the Izdihar Fund through this “landmark transaction” and recognized the project as a testament to the region’s evolving educational infrastructure.
“This project exemplifies the region’s growing commitment to world-class educational infrastructure and innovative real estate development,” she noted. McGregor reinforced the importance of this acquisition, particularly in enhancing educational opportunities in Dubai, highlighting both Bank Muscat’s and GEMS’ unwavering commitment to excellence.
A Strategic Partnership
The collaboration between the Izdihar Fund and GEMS Education signals a significant investment in social infrastructure throughout the Gulf region. Khalifa Al-Hatmi, Deputy General Manager of Investment Banking and Capital Markets at Bank Muscat, emphasized the significance of partnering with GEMS, a leading entity in the private education sector. He stated, “This investment aligns with Izdihar Fund’s long-term strategy of supporting essential community infrastructure and generating sustainable value for our investors.”
Confidence in Dubai’s Educational Landscape
From the GEMS Education perspective, Dino Varkey, Group CEO, expressed enthusiasm about welcoming Bank Muscat’s Izdihar Fund as a key partner. His comments underline a shared confidence in Dubai as a burgeoning global education hub, as well as a commitment to high-quality infrastructure and a robust educational platform.
About Izdihar Real Estate Fund
Established in 2015 and regulated by the Financial Services Authority in Oman, the Izdihar Real Estate Fund is a noteworthy player in the regional investment landscape. As Oman’s first real estate investment trust, it manages assets worth over $230 million. The fund has garnered backing from a diverse range of institutional investors, including sovereign wealth funds, pension funds, and family offices, delivering strong returns with average annual dividends exceeding 7%.
Baker McKenzie’s Expertise
For this project, Baker McKenzie assembled a dynamic, cross-border team of legal professionals. Alongside Watkins and McGregor, the advisory group included Senior Associates Andrew Hope and Jack McCaw from London, and Associates Amir Ali, Jana Al-Afoo, Anna George, Owen Etwaroo, Razan Obeidat, and Mohammed AlZibdeh from Dubai and Bahrain. This diverse team provided comprehensive guidance across various legal frameworks, encompassing corporate structuring, real estate law, and financing.
A Glimpse into Baker McKenzie
Founded in 1949, Baker McKenzie stands as a global legal powerhouse, operating in over 40 countries with a team of 13,000 professionals. The firm is recognized for its cross-border capabilities and has managed over $600 billion in M&A transactions in the last five years. Renowned for its commitment to diversity, inclusion, and sustainable business practices, Baker McKenzie continues to be at the forefront of legal innovation, particularly in complex transactions across industries.
This partnership marks a pivotal moment in Dubai’s educational landscape, exemplifying a commitment to pioneering new frontiers in academic excellence and infrastructure development.
