Baker McKenzie advises Bank Muscat’s Izdihar Real Estate Fund
Scheduled to open in September 2025, the new British Curriculum school will feature world-class facilities, including an elevated football field that doubles as a helipad, a 600-seat auditorium, and an Olympic-size swimming pool. Positioned as “the finest school in the world”, the institution is being developed at an estimated cost of USD 100 million and aims to offer unparalleled educational facilities and experiences. Annual tuition fees are expected to exceed AED 200,000 per student in the final year.
Leading on the transaction, Keri Watkins, partner and co-head of the Real Estate and Hospitality Practice Group in the Middle East, said, “We are proud to have supported the Izdihar Real Estate Fund on this landmark transaction in partnership with the GEMS Group. This project exemplifies the region’s growing commitment to world-class educational infrastructure and innovative real estate development. We are proud to have been at the forefront of an exceptional transaction in the education sector.”
Further, Patrick McGregor, Corporate and M&A senior associate at Baker McKenzie, stated, “This acquisition marks a pivotal step in enhancing educational infrastructure in Dubai, reflecting both Bank Muscat’s and GEMS’ commitment to excellence and innovation in the education sector. We look forward to the successful opening of the school and to supporting our clients on other strategic partnerships in this space.”
This landmark transaction underscores the Fund’s commitment to investing in essential community infrastructure across the GCC.
Khalifa-Al-Hatmi, deputy general manager, Investment Banking and Capital Markets at Bank Muscat, remarked, “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. We are thankful to the entire Baker McKenzie team for their support and guidance in executing this landmark deal.”
The transaction was managed by a cross-practice team that advised on all aspects, including innovative corporate structuring, real estate, construction, and financing. Led by partner Keri Watkins and senior associate Patrick McGregor, the team also included Andrew Hope (senior associate, London), Jack McCaw (senior associate, London), Amir Ali (senior associate, Dubai), Jana Al-Afoo (associate, Dubai/Bahrain), Anna George (associate, Dubai), Owen Etwaroo (associate, Dubai), Razan Obeidat (associate, Dubai) and Mohammed AlZibdeh (associate, Dubai).
Eversheds Sutherland has acted as legal advisor for GEMS Education.
This transaction adds to Baker McKenzie’s growing portfolio of work in the education sector. Notably, the Firm advised International Schools Partnership (ISP) on its acquisition of The English College and on acquiring a stake in two Star International Schools in the UAE. Baker McKenzie also acted for Taaleem Holdings’ PSC (Taaleem) on its acquisition of Jebel Ali School (JAS).
