Hogan Lovells has advised Mashreqbank and a syndicate of Islamic and conventional banks, on an AED2bn (US$545m) Islamic and conventional facility made available to GEMS Education, one of the UAE’s leading education providers.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Mashreqbank and Noor Islamic Bank have acted as arrangers and book runners for the financing, with United Arab Bank as a participant bank.
The facility has a tenor of six years and includes conventional, two Murabaha and a Musharaka tranche. The proceeds from the financing will be applied by GEMS primarily towards the refinancing of GEMS’ investment in the development of schools over the last three years but will also provide additional funds for investment in new schools in the UAE and wider MENA region.
Hogan Lovells’ Dubai-based team was led by Banking & Finance Partner, Rustum Shah supported by Claire Matheson Kirton (Senior Associate), Victoria Mesquita (Associate), Faraz Naqvi (Senior Associate) and James Clarke (Trainee Solicitor). GEMS Education was advised by Allen & Overy.
Commenting on the transaction, Rustum Shah said:
“We are delighted to have advised on this successful financing, which will allow GEMS to pursue its expansion plans and the vision of the UAE Government in creating a world class education sector. This deal allowed us to showcase the strength of our Middle East banking & finance team in both Islamic and conventional financing.”
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