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20-03-21
Dubai, Abu Dhabi’s decision to limit increased revenues of education company GEMS
(MENAFN)Moody’s stated that a decision to freeze school costs in Dubai and Abu Dhabi for the current, next year is going to limit the skill of education company GEMS to increased revenues.
According to the credit ratings, as this impact was estimated it nonetheless creates “a degree of uncertainty regarding GEMS’ ability to increase tuition fees consistently in the future, which may further slow down its deleveraging trajectory.”
A number of private schools in the region reduced fees to facilitate the financial load on families that may be suffering, but the situation raised pressure on the industry’s own financial footing. At the same time the removal of refugee from the region which predated the pandemic weakened the outlook for the sector.
Moody’s further stated that “We estimate that GEMS generates around three quarters of its revenue in Dubai and Abu Dhabi.To offset these restrictions, GEMS will implement cost control measures that include capping staff wage inflation and reducing discretionary capital spending.”
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