(MENAFN) Dubai-based schools operator Global Education Management Systems Limited (GEMS) disclosed plans to spend up to USD650 million on expansion over the next three to five years, Arabian Business reported.
Dino Varkey, the group's executive director said GEMS will focus on emerging markets such as the Middle East, North Africa (MENA) and India. The group plans to operate schools in up to 40 countries.
Varkey said the expansion programme will be financed from GEMS' own cash, borrowing from banks and in the long term the institutional investor market.
GEMS, which operates private schools in the GCC, US and India, opened its first school in Kenya this year and plans to expand into five other African countries including Uganda, Ghana, Tanzania, South Africa and Mozambique.
GEMS in October said it planned to open ten new schools across the UAE over the next two years, Varkey said.
New schools in the MENA region may include Saudi Arabia, Egypt, Libya, Morocco and Qatar, he added.