Divestment from GEMS Education
In July 2019, Mumtalakat, as part of a consortium of co-investors led by Fajr capital and including the Tactical Opportunities Fund managed by Blackstone, successfully completed their divestment from GEMS Education, selling to a consortium of funds advised by CVC Capital Partners (CVC Funds).GEMS Education, founded in the UAE, educates over 120,000 students across more than 40 schools in the Middle East. Fajr Capital, Blackstone and Mumtalakat invested in GEMS Education in 2014 and subsequently partnered with the Varkey Group to build the company into a world-class institution and support its long-term growth. Over the past five years, GEMS Education has delivered strong financial and academic results, investing over USD 1 billion in new schools and upgrades of existing infrastructure. It has grown in its existing market in the UAE and entered into new markets such as theKingdom of Saudi Arabia.