Dubai Investments private equity subsidiary Masharie LLC has divested its 50 pecent stake in the Dubai International Driving Centre, also known as Drive Dubai, for AED 35 million.
According to Dubai Investments, the stake sale generated an internal rate of return of 21 percent.
Masharie was one of the founding partners of Drive Dubai in December 2012. Drive Dubai currently operates an 850,000 square foot training facility in Dubai Investments Park (DIP) in partnership with the Belhasa International Group of Companies and the Saif Belhasa Group.
“Dubai Investments invested in Drive Dubai six years back, amidst massive growth potential and demand for a comprehensive driving school within DIP,” said Dubai Investments CEO and managing director Khalid bin Kalban. “Drive Dubai has grown phenomenally over the years, and it was a profitable exit for Dubai Investments.”
Bin Kalban added that Dubai Investments “is on track” to achieve its growth plans, with a focus on “enhancing its investments” in various sectors.
The Masharie portfolio is currently made up of nine subsidiaries in a number of sectors, including aluminium extrusion, architectural aluminium designs, interior fit-outs, switchgears, lighting fixtures and laboratory furniture.
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