MUSCAT – Izdihar Real Estate Fund managed by Bank Muscat, the leading financial services provider in the Sultanate of Oman, has successfully completed the acquisition of the school premises of the latest school by GEMS, in partnership with the GEMS Group. The acquired property is called GEMS School of Research and Innovation, a premier British Curriculum School in Dubai, U.A.E.
Scheduled to open in September 2025, the state-of-the-art property is in advanced stages of being developed at a cost of USD 100 million approximately. Strategically located in the immediate vicinity of premium residential communities, Tilal Al Ghaf, Victory Heights, and Jumeirah Golf Estates, the school has already seen strong early enrolments, demonstrating the continued demand for quality education in Dubai. The new School of Research and Innovation will offer British curriculum with focus on research-based learning, STEAM education, and holistic student development in line with GEMS’ visionary of academic excellence.
Speaking on the successful transaction, Khalifa Abdullah Al Hatmi, Deputy General Manager – Investment Banking and Capital Markets at Bank Muscat, said: “We take pride in partnering with GEMS Education, a recognized leader in private education sector through this investment in GEMS School of Research and Innovation, Dubai. This investment aligns with Izdihar Fund’s long-term strategy of supporting essential community infrastructure and generating sustainable value for our investors. Education remains a resilient and essential sector, and we are pleased to contribute to a project that will serve generations of students.”
From his side, Dino Varkey, Group Chief Executive Officer, GEMS Education, said: “We are delighted to welcome Bank Muscat’s Izdihar Real Estate Fund as a strategic partner in this landmark project. Their investment underlines the strength of our education platform, our continued focus on high-quality infrastructure, and confidence in Dubai as a leading global education hub.”
Izdihar Fund, regulated by the Financial Services Authority and incorporated in 2015, is Oman’s first and amongst the largest Real Estate Investment Trust (“REIT”) funds in the country with assets under management in excess of US $ 230 million. The shareholders of the Fund comprise of large sophisticated investors such as sovereign and pension funds, corporate entities and family offices. Since its inception, the Fund has distributed an average dividend of more than 7 per cent per annum.
The investment objective of Izdihar Fund is centred around delivering sustainable and attractive long term returns to investors through investment in income generating, well tenanted, marquee assets in Oman and the GCC. The Fund has a well thought out strategy to structure investments that generate steady income from rentals and an upside from capital gains upon exit. In line with the stated objective, the Fund pro-actively focusses on investor value creation across the deal life cycle, from sourcing quality transactions, diligent evaluation, prudent investing and portfolio monitoring and exiting these investments in a timely manner. Izdihar Fund is managed by a team of highly experienced professionals at Bank Muscat.
Bank Muscat and Izdihar Real Estate Fund were assisted by Baker McKenzie (legal advisor) and Knight Frank (technical advisor) on this landmark transaction. For more details about the investment solutions offered by the Bank, please contact us through email at [email protected].
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