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Opportunities in the education sector are growing because of an expanding expatriate community the United Arab Emirates, according to the Indian tycoon, who Forbes says has a net worth of around $4.3 billion.
The UAE is home to more than 200 nationalities, Shetty told CNBC's Hadley Gamble, adding that a growing number of expatriate parents want their children to grow up there.
"Now, I'm into education," said Shetty, the founder and chairman of BRS Ventures. "We need the facilities to provide education to the expatriate children."
BRS Ventures is a holding company for the tycoon's businesses such as hospital chain NMC Health and financial services firms UAE Exchange and Travelex Group.
The holding company earlier this year signed an agreement with the Indian Institute of Management Ahmedabad to set up a campus in Dubai. But his hope is to establish a medical school in the UAE, the businessman said.
"The regulators so far have not given their permission, which I'm pursuing. Hopefully they'll give it," he said.