CI Capital Holding for Financial Investments (CI Capital) announced on Sunday that Taaleem Management Services Company (Taaleem), a higher education platform where it owns a minority stake, and Palm Hills Developments (PHD) have signed a Memorandum of Understanding (MOU) to set up a joint venture to establish higher education campus in PHD's flagship project Badya in West Cairo.

The financial services firm said the project, spread over an area of 100,000 square metres in Badya, would comprise of an Egyptian private university offering life sciences faculties in collaboration with the Medical University of Vienna International and would also include one or more international branch campuses under the law No. 162 of 2018.

Under the terms of the MOU, the new university would be managed and operated by Taaleem, which owns and operates Nahda University in Beni Suef, the first and largest private university in Upper Egypt with approximately 5,600 enrolled students. CI Capital indirectly owns approximately 16.4 percent of Taaleem.

The proposed JV is subject to regulatory, corporate and the Ordinary General Meeting approvals of PHD, Taaleem and CI Capital, the statement noted.

(Writing by Madhura Deulgaonkar; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#Egypt #PalmHillsDevelopments #Realestate #Cairo

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