Bahrain-based GFH Financial Group (GFH) said its Dubai-based wholly-owned subsidiary, GFH Capital and its strategic investors have announced plans to sell their entire 70 per cent stake in the Dubai-based Philadelphia Private School.

The stake, which was acquired in October 2014, has been sold back to a leading businessman Nashat Sahawaneh, who is the school’s existing 30 per cent shareholder, said the company in a statement.

PPS is a K-12 American curriculum school which was founded in 2006 and is valued at more than Dh130 million. During GFH Capital’s ownership, the school was accredited by the reputed New England Association of Schools & Colleges and AdvanceEd.

The school currently has around 1,500 students, up 20 per cent over the time GFH Capital acquired the institution and despite slower economic growth in Dubai during the latter part of the holding period.

All the investors have made an overall return of 33 per cent during the three-year investment period, it added.

Commenting on the move, CEO Hisham Alrayes 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," said the top official.

"We will continue to work to maximise the performance of our remaining education assets and focus on identifying similar income-generating opportunities in defensive sectors for the benefit of our investors and shareholders as we go forward," he added.

In December, GFH had achieved another successful exit from its education portfolio with the $150
million acquisition of half of the group’s regional education assets by Inspired, a leading global group of premium schools operating in Europe, Africa, Latin America and Australia.

A dynamic financial investment group, GFH has interests in a range of activities including real estate development, commercial banking, wealth management and asset management.-TradeArabia News Service