Gems Education has acquired the largest private-school operator in Saudi Arabia.

Gems, one of the world’s largest private-education providers and the charitable foundation behind the $1 million Global Teacher Prize, purchased the Ma’arif Education Group jointly with a Saudi Arabian state-run pension fund. The deal is believed to be worth between $500 million and $600 million.

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“The Ma’arif acquisition of 14 schools is an ideal platform from which to grow, and we are incredibly excited about further expansion in the country,” said Gems’ chief executive, Dino Varkey.

The intention is to build a portfolio of more than 50 schools, with 100,000 pupils. 

Gems was founded in the United Arab Emirates in 1959, and owns and operates more than 50 schools across the Middle East and North Africa. 

Its UK subsidiary, the Gems Learning Trust, runs three primary academies in the South-East of England.