Palm Hills, CI Capital’s Taaleem sign shareholder agreement for Badya university
Palm Hills Developments (PHD) and CI Capital’s Taaleem have set up a joint venture to develop their planned EGP 1.6-1.9 bn life sciences university in PHD’s Badya compound, according to a press release (pdf). The two companies signed yesterday a shareholder agreement for the JV, of which Taaleem will own 60% and PHD holding the remaining 40%. The two companies signed an MoU in June for the university, which will span 100k sqm and accommodate up to 9k students. It will be established in partnership with Medical University of Vienna International and is expected to open its doors in 2022.
Background: CI Capital is a minority shareholder with a 16.4% stake in Taaleem, which owns the Nahda University in Beni Suef, the largest private university in Upper Egypt. The Badya compound is a 3k-feddan West Cairo project under development by PHD in partnership with the New Urban Communities Authority.