CIRA, Al Ahly Capital Holding ink deal to set up new educational services firm

The new entity will launch Egypt's first private technology and applied education university

  
Aerial View of Cairo city. Image used for illustrative purpose.

Aerial View of Cairo city. Image used for illustrative purpose.

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Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) has signed a partnership and investment management agreement with Al Ahly Capital Holding (ACH), the investment arm of the National Bank of Egypt (NBE).

The two firms will create Al Ahly CIRA for Educational Services which will provide "world-class education to all segments of the Egyptian society with a special focus on middle-income citizens," CIRA said in a bourse disclosure on Sunday.

"The partnership combines the technical and education expertise of CIRA with ACH's experience in investment restructuring and management," the Managing Director of ACH, Karim Saada, said.

The CEO of CIRA, Mohamed El-Kalla, pointed out that public-private partnerships (PPPs) will help Egypt meet the growing needs of its citizens.

The platform will start its initial investment projects by setting up Egypt's first private technology and applied education university, Cairo Saxony University for Applied Sciences and Technologies, at an investment cost of EGP 2 billion.

The university is scheduled to start its operations in September 2023, the Chairman of NBE and ACH, Hisham Okasha, noted.

In the nine-month period ended 31 May, CIRA achieved consolidated net profits of EGP 458.2 million, up from EGP 330.9 million in the year-ago period, including minority shareholders' rights.

Source: Mubasher

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