Bahrain’s sovereign wealth fund, Mumtalakat, has sold its investment in US private education provider Nobel Learning Communities, according to a media report.

Another US school operator Spring Education Group acquired Nobel earlier in August.

Mumtalakat invested in Nobel in 2015, partnering with Manama-based alternative investments manager Investcorp, and the two have sold their stakes as part of the original investment plan.

Since 2015, Nobel’s network of schools has expanded with approximately 34 new schools added through acquisitions and greenfield development.

Mumtalakat, which invests locally and abroad, has used the proceeds from the stake sale to pay down debt, CEO Mahmood al-Kooheji told Reuters in an interview. He did not disclose the value of the deal.

Mumtalakat was created in 2006 with a mandate to grow Bahrain’s strategic non-oil and gas assets through a commercial focus.

Since then, Mumtalakat has further developed and diversified its portfolio both locally and globally with an objective to generate sustainable financial and economic returns for the country.

The sovereign wealth fund’s assets have grown and almost doubled from 29 to over 60 local and international companies across 11 sectors, of which 65 per cent are in Bahrain and the Middle East region, with 29 per cent in Europe and the remaining 6 per cent in the US.

Mumtalakat’s total consolidated assets at the close of 2017 were valued at $15.4bn.

The sovereign wealth fund also provides approximately 14,000 direct job opportunities in Bahrain within its local portfolio of companies.