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Tuesday, 31 December 2019

Saudi and Egyptian investors to invest EGP 1.6 bn in Al Fanar university

INVESTMENT WATCH- A group of Egyptian and Saudi investors will be investing EGP 1.6 bn to launch the first phase of the planned Al Fanar University in Alexandria, Al Mal reports, citing unnamed sources with knowledge of the matter. The university, which has appointed Professionals for Investment Banking as its financial advisor, received approval in 2017 from the Supreme Council of Universities to be established. The university is now waiting on presidential approval, which it expects to come through in 1Q2020. Al Fanar will include seven main faculties, including engineering, technology, pharmacy, dentistry, physical therapy, mass communication, and arts and design, a statement from the university website reads. These will later be expanded to include a faculty of medicine, in addition to an affiliated university hospital in West Alexandria, the sources added.

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