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.