Egyptian developer Tatweer Misr announced on Monday that it is partnering with Commercial International Bank Egypt (CIB Egypt) and real estate consultancy Colliers International to attract investors for its Educational Zone project, located in Mostakbal City in New Cairo. 

The developer made the announcement while kickstarting Phase 1 of the Zone by inking agreements worth 3.2 billion Egyptian pounds ($204 million) with three international educational entities to establish local campuses.

Tatweer Misr said in a press statement that CIB Egypt and Colliers International will serve as joint financial advisors for the Education Zone and promote it among investors and investment funds interested in educational and entrepreneurial sectors. 

The statement said the Education Zone has been designed to accommodate international educational entities including K-12 schools and universities, and will also host GEN@Bloomfields, a regional entrepreneurial hub. 

Amr El-Ganainy, CEO-Institutional Banking, CIB Egypt said the mandate for the joint advisors is to optimise the new business activity’s capital structure by maximising market value while minimising the cost of capital.  

“This collaboration will be extended to provide comprehensive financial solutions, digital platform and any other banking services necessary to support this project,” he said. 

Kareem Helal, Country Director of Colliers International told Zawya Projects that his firm was involved in advisory work related to the signing of both King’s College and Narmer American College contracts.  

“As joint advisors [With CIB Egypt], we will work on feasibility studies and the best financial solutions for completing the Educational Zone, and aim to attract local and Gulf investors and multi-national financial institutions to the zone,” he said on the side lines of the contract signing event.     

NJIT president Joel Bloom told Zawya Projects that the institute negotiated with Tatweer Misr for nearly three years before signing up.  

“The new campus would be developed in three phases over 10 years with the first phase to be completed by September 2023,” he said.  

Rick Raymond, Director of King’s College told Zawya Projects that the first school with capacity of 1,500 students would open in 2023 while the second school, with the same capacity, would open in 2026. 

Gehan El Rashidy, the owner and managing director of Narmer American College told Zawya Projects that construction of their school will start by end-2021. 

“We have signed an operating contract for 30 years with Tatweer Misr for a British school. We are also planning to operate eight schools in Cairo, New Administrative Capital, Mansoura and Alexandria with an estimated investment of 500 million pounds ($32 million) for each school,” she said. 

(1 US Dollar = 15.71 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com)

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