Baker McKenzie Advises Izdihar Fund on GEMS School Acquisition.
Baker McKenzie has advised Bank Muscat’s Izdihar Real Estate Fund on its acquisition of the site for the upcoming GEMS School of Research and Innovation, an ambitious new educational development in Dubai.
The school is set to open its doors in September 2025 and will follow the British curriculum. It’s being described as one of the most advanced learning institutions of its kind, featuring a unique rooftop football field that also functions as a helipad, a professional-grade auditorium with 600 seats, and an Olympic-sized swimming pool.
With construction costs approaching $100 million, the school aims to offer a premium academic experience and by the final year, tuition fees are expected to exceed AED 200,000 per student.
Leading the transaction for Baker McKenzie were Keri Watkins, Partner and Co-Head of the firm’s Real Estate and Hospitality Practice in the Middle East, and Patrick McGregor, a Senior Associate focused on Corporate and M&A.
Keri Watkins commented on the project:
"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."
Patrick McGregor added:
"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."
The partnership between Izdihar Fund and GEMS Education marks a major commitment to enhancing social infrastructure across the Gulf.
Khalifa Al-Hatmi, Deputy General Manager of 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. We are thankful to the entire Baker McKenzie team for their support and guidance in executing this landmark deal."
From the GEMS side, Dino Varkey, Group CEO shared his comment:
“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 Real Estate Fund was created in 2015 and is regulated by the Financial Services Authority in Oman. It was the country’s first real estate investment trust and has grown into one of the largest, with more than $230 million in managed assets.
Its backers include major institutional investors, from sovereign wealth and pension funds to corporates and family offices. Since its launch, the fund has consistently delivered strong returns, paying out average annual dividends above 7%.
Baker McKenzie brought together a diverse, cross-border team for the project. In addition to Watkins and McGregor, the advisory group included:
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Andrew Hope and Jack McCaw (Senior Associates, London)
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Amir Ali, Jana Al-Afoo, Anna George, Owen Etwaroo, Razan Obeidat, and Mohammed AlZibdeh (Associates, Dubai and Bahrain)
Together, they provided end-to-end guidance across corporate structuring, real estate law, construction matters, and financing.
Baker McKenzie is a leading global law firm founded in 1949, with a presence in over 40 countries. With a team of 13,000 professionals, the firm advises corporations, governments, and institutions on complex legal matters across corporate law, litigation, tax, and more. Renowned for its cross-border capabilities and innovative approach, Baker McKenzie has handled over USD 600 billion in M&A transactions in the past five years, more than 65% of which span multiple jurisdictions. The firm is also recognized for its commitment to diversity, inclusion, and sustainable business practices.
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