Cairo – Two new schools, namely Saxony International School (SIS) and British Columbia Canadian International School (BCCIS), have started operations in Orascom Development Egypt's (ODE) O West in the 6th of October City a few days ago, CEO of O West, Tarek Kamel, said.
On the sidelines of the Cityscape Egypt Conference, Kamel told Mubasher that two branches of Nermien Ismail Schools (NIS) and a branch of Kent College Canterbury will start operating in the academic year 2022/2023.
He revealed that the combined area of the five schools is about 100,000 square metres (sqm).
Orascom signed a deal to build Kent College Canterbury at a cost of EGP 500 million in February 2020 and another deal with Cairo for Investment and Real Estate Development (CIRA) in March 2020 to build SIS and BCCIS schools with investments of EGP 450 million.
Moreover, the company signed an agreement with NIS in June 2020 to build two schools with investments of EGP 525 million.
Kamel further added that construction has begun in the sports and social club in O West over 38 feddans at an investment cost of EGP 800 million with operation scheduled to be between 2022 and 2023.
In the first half (H1) of 2021, ODE recorded consolidated net profits of EGP 744.58 million, up from EGP 168.35 million in H1-20, including minority shareholders' rights.
Translated by: Zeinab Adel
Source: Mubasher Exclusive
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