Back to the complete issue
Sunday, 26 January 2020

CIRA, Germany’s Saxony International School in partnership talks

CIRA, Saxony International School in partnership talks for planned German schools in Sixth of October: Cairo for Investment and Real Estate Development (CIRA) and Germany’s Saxony International School are in talks to set up an unspecified number of German schools in Sixth of October City, the Egyptian private education outfit said in an EGX disclosure (pdf), confirming a report from Al Mal out on Wednesday. Sources close to the talks told the newspaper that the two sides are “nearing” an agreement, and that the partnership will expand in later stages beyond Sixth of October.

What about those foreign ownership limits? Saxony will own 20% of a planned JV, the sources said, confirming that the foreign ownership will be within the limits imposed last year by the government. CIRA was among three companies reported to have applied last week for an exemption from the Education Ministry’s foreign ownership limits. 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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt.