Egyptian developer Tatweer Misr has signed agreements worth 3.2 billion Egyptian pounds ($204 million) with three international educational entities to set up local campuses in Egypt.
 
The company said in a statement that the branches would be located in the Educational Zone of its Bloomfields project in Mostakbal City.
 
The statement said the 90-acre Zone is being developed at a total investment of 10 billion pounds ($637 million) over 10 years.
 
The agreements with the three institutes, namely New Jersey Institute of technology (NJIT), King’s College, and Narmer American College, will kickstart the first phase of investments in the Educational Zone, the statement said.
 
The first phase is scheduled to start initial operations by the end of 2023, it added.
 
According to the statement, NJIT will establish its first international campus with a capacity for 3,000 students at an investment of 2 billion pounds ($127 million), while King's College will establish two schools with a total capacity of 3,000 students at an investment of 800 million pounds ($51 miillion). Narmer American College will establish 1,800-capacity school at an investment of 400 million pounds ($25 million).
 
Tatweer Misr CEO Ahmed Shalaby told Zawya Projects that the 16-acre NJIT campus, the 14-acre King's College campus and the 6-acre Narmer American College branch would start receiving students by 2023.
 
The 38 billion pounds ($2.4 billion) Bloomfields mixed-use project comprises of residential, retail, office components and the Educational Zone, spread over an area of 325 acres, the Tatweer Misr statement said.
 
(1 US Dollar = 15.71 Egyptian Pounds)
 
(Writing by Eman Hamed; Editing by Anoop Menon)
 
 
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