GFH in $150m deal to sell assets to global private schools operator

Updated 05 December 2017
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GFH in $150m deal to sell assets to global private schools operator

LONDON: Gulf-focused investment group GFH has struck a $150 million deal to sell part of its educational assets in the GCC to global private schools operator, Inspired.
GFH’s educational portfolio in the GCC has been built over the past four years and is valued at $300 million, the company said in an announcement on Tuesday. GFH is listed in Bahrain, Kuwait and Dubai.
Inspired runs private schools in Europe, Africa, Latin America and Australia. Its chairman Nadin Nsouli said: “This agreement marks the entry point of Inspired in the region. We will evaluate other school acquisitions in the region with GFH.”
Hisham Al-Rayes, CEO of GFH, said: “Inspired’s network and experience will add significant value to the schools including offering both students and teachers opportunities to take part in exchange programs and to benefit from the latest programs to enhance the level of education.”
Inspired has schools in Italy, the UK, Switzerland, Belgium, South Africa, Kenya, Australia, Colombia and Peru. GFH’s businesses include asset management, wealth management, commercial banking and real estate development.
Elsewhere, GEMS MENASA, parent company of Dubai’s largest private schools operator, GEMS Education, was reported to have chosen JP Morgan, Credit Suisse, Bank of America Merrill Lynch and Morgan Stanley to lead a planned flotation in London next year.
GEMS, which operates more than 250 schools across 14 countries, could have a market capitalization of around $4.5-$5 billion, according to Reuters.
Listed on Nasdaq Dubai, GEMS MENSA on Monday reported stronger financial results in the year ending Aug. 31, 2017, with net profit up 2.5% at $129.6 million. Revenue rose 17.3 percent to $926.2m, while key indicator — average revenue per student — jumped 6.6 percent to $8,079 year-on-year.
GEMS also reported it had secured a $1.25 billion loan to refinance existing borrowings and support growth.


Egypt’s annual urban consumer price inflation rate falls to 15.7 percent in November

Updated 29 min 26 sec ago
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Egypt’s annual urban consumer price inflation rate falls to 15.7 percent in November

  • Egypt raised fuel, electricity and transportation prices earlier this year to help meet the terms of a $12 billion IMF loan program it signed in late 2016

CAIRO: Egypt’s annual urban consumer price inflation rate decreased to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday.
Egypt raised fuel, electricity and transportation prices earlier this year to help meet the terms of a $12 billion IMF loan program it signed in late 2016, pushing inflation up steadily on the back of rising food prices.