Blackstone has teamed up with local private equity firm Fajr Capital for the deal, three people with knowledge of the deal told Bloomberg.
The parties could reach a formal agreement to buy 20 per cent of the company in the next couple of weeks and the deal could be valued at around $350m.
GEMS, which operates over 100 schools across 14 countries, posted a $74.4m profit in the fiscal year to end-March.
This would be Blackstone’s first deal in the Middle East.
Meanwhile, Blackstone-backed home solar power systems provider Vivint Solar has filed for a $200m IPO on the New York Stock Exchange.
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