ArabFinance: Cairo Investment and Real Estate Development (CIRA) and Al-Ahly Capital Holding Company announced launching Al-Ahly CIRA Educational Services Company, a recent statement by the company said.
The venture (51% owned by CIRA, 49% by Al-Ahly Capital) launched the first private university project of its kind, Cairo Saxony University for Applied Sciences and Technologies, and will continue establishing new projects either by utilizing Al-Ahly Capitals assets or acquiring new ones.
The companys target to launch the Cairo Saxony University and the New Damietta University by 2023 is still part of the plan, as the papers for Cairo Saxony University have already been presented in December 2021, while the papers for New Damietta University will be presented by February 2022.
The land that New Damietta University will be established on was awarded to CIRA and Elsewedy as a group. A new project between the two companies is expected to be announced soon.
The two joint ventures will eventually be either absorbed by CIRA through an acquisition or will be listed in the stock market, which has always been the strategy the company tends to follow with many subsidiaries.
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