Unit GFH Capital, which acquired the stake in October 2014, says it has sold it to businessman Nashat Sahawaneh
Bahrain-based GFH Financial Group (GFH) has announced that a subsidiary has agreed to sell its 70 percent stake in the Dubai-based Philadelphia Private School.
GFH Capital, which acquired the stake in October 2014, has sold it to businessman, Nashat Sahawaneh, who owns the school’s existing 30 percent stake.
The school is a K-12 American curriculum school which was founded in 2006 and is valued at more than AED130 million.
During GFH Capital’s ownership, it has been accredited by the New England Association of Schools & Colleges (NEASC) and the school is also accredited by AdvanceEd.
The school currently has around 1,500 students, a 20 percent increase from the time GFH Capital acquired the school and despite slower economic growth in Dubai.
GFH said the school has delivered a return of over 33 percent during its three-year investment period.
Hisham Alrayes, CEO of GFH, said: “We are pleased to announce another successful exit for the group and our investors from our well-performing regional education portfolio, which is built on the strong and growing demand in the GCC for international standard education.
"We believed the education sector in the UAE and the GCC, as a key sector, would be resilient and deliver solid, steady returns despite the recent economic challenges. We are delighted with the value we have been able to create both for the school and our investors during the hold period.”
In December, GFH achieved another successful exit from its education portfolio with the $150 million sale of half of the roup’s regional education assets to Inspired, a group of premium schools operating in Europe, Africa, Latin America and Australia.