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GEMS names banks for $500m bonds sale

Dubai-based schools operator, GEMS Education is seeking to raise about $500m from a debut sale of hybrid Islamic bonds to finance its expansion plans, Reuters has reported, citing three sources aware of the matter. The company, which operates around 100 private schools across the Gulf region, has hired Morgan Stanley, Credit Suisse and Abu Dhabi Islamic Bank (ADIB) to arrange the sale. GEMS plans to begin roadshows in the UAE this Thursday, with investor meetings scheduled in Asia and Europe next week, said one of the sources, who declined to be identified.