DUBAI : Dubai-based GEMS Education, backed by Brookfield Asset Management, has submitted a bid for Saudi Arabia’s Ajialuna Educational Co., two sources familiar with the matter said.
Ajialuna, majority-owned by Sulaiman Alrajhi Holding, operates Al Forsan International Schools in Riyadh, Al-Khobar and Jeddah, serving more than 14,000 students. Local investors have also made non-binding offers, the sources added, declining to be named as the talks are private.
Deliberations are ongoing and bidders may still withdraw, while the owners could decide against a sale. A deal could be completed as early as November, one of the sources said.
Founded in 2008, Ajialuna provides private and international curricula from kindergarten through high school. Saudi Arabia has attracted growing interest from foreign education providers after the Kingdom eased ownership restrictions in 2017 as part of its Vision 2030 reforms.
GEMS, one of the world’s largest private school operators, runs dozens of schools across the Middle East. Last year, a Brookfield-led consortium invested about $2 billion into the company to support expansion.
GEMS Education, with Brookfield's backing, has bid for Ajialuna Educational Co., a key player in Saudi Arabia's education sector. Ajialuna operates Al Forsan International Schools, and the potential acquisition highlights the Kingdom's appeal to foreign investors post-2017 reforms. The deal might conclude by November, though negotiations are still in progress.