Schools apply for exemptions from 20% foreign ownership cap
Schools apply for exemptions from 20% foreign ownership cap: Cairo Investment and Real Estate Development (CIRA), the International School of Choueifat, Nermien Ismail School and GEMS are among several private sector schools that have applied for an exemption from the 20% cap on foreign ownership imposed by the Education Ministry last October, Al Mal reports, citing company sources. Investor backlash prompted the ministry to walk back slightly on the plans, announcing in November that it would grant exemptions on a case-by-case basis.
Education Ministry begins to review exemption requests: We reported on Monday that the Education Ministry had issued a directive on 1 January to set up a committee to review exemption requests made by private-sector K-12 schools. In addition, the directive makes it mandatory for all schools with foreign shareholders to provide the Education Ministry with their detailed shareholder structure.