A private primary school in Dubai has told parents it will close down at the end of the academic year due to financial difficulties.
Rising School in Nad Al Sheba, which opened in 2017, will cease operations on July 2, the last day of term.
School management said the decision was made due to the economic impact of the Covid-19 pandemic.
Dubai's education regulator, KHDA, was aware of the planned closure, officials told The National.
We will cease the operations due to financial reasons resulting from the economic impact of the Covid-19 global pandemic
In a letter to parents, the school said that "we are obliged to notify you that we will cease the operations of the school by the end of this academic year 2019/2020, due to financial reasons resulting from the economic impact of the Covid-19 global pandemic".
“We sincerely thank you for your trust and the opportunity to serve you and your precious children, we apologise for the inconvenience this will cause in locating other schools.”
Last month, the school posted an advert stating that admissions were open for the 2020-2021 academic year. A 25 per cent discount was also offered on registration fees for new pupils.
Annual tuition fees for the primary school are between Dh31,500 and Dh61,500, from KG1 to grade 7.
That places is in the mid to high-end of primary schools.
When it opened in 2017, Rising School was the first American curriculum campus in the Nad Al Sheba area and was one of 10 new schools to open across the city that year.
As it is listed as a ‘new school’ by the education authority, it did not yet have an inspection rating.
According to WhichSchoolAdvisor, an international schools guide, it had capacity for up to 600 pupils.
Nationwide, no official announcement has been made as to whether pupils will return to the classroom after the summer break
But schools are preparing for a 'blended' model' - a split school day between classes and home learning.
Since March, teachers and students have been adjusting to e-learning but some education groups said they needed flexibility to put staff on reduced wages or unpaid leave, owing to a financial fallout from the health pandemic.
In some cases, staff have also been let go because of the Covid-19 situation. The toughest cuts appeared to be in smaller, independent schools like Rising School.
The National contacted the school management for comment.
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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