CIRA wants in on the nurseries business
CIRA has acquired a 51% stake in early education startup Innovvette for Education, the private sector education outfit said in a statement (pdf) yesterday. CIRA plans to invest some EGP 50 mn to expand Innovette’s footprint as it looks to start 25 nurseries within five years, the company said in a regulatory filing (pdf). The first three nurseries will operate under the Steamulation Hub and KidzGround brands, and will be located in Maadi and Fayoum.
Innovvette was founded late last year by early childhood education pioneer Dina Abdel Wahab. The company aims to become the leading player in Egypt, the Middle East, and Africa, according to its mission statement.
This will be CIRA’s first foray into the nursery and pre-school segment. “We’ve been seeing a huge demand and a growing market potential in this sector … [and Innovvette] will be a great addition to CIRA’s flagship,” CEO Mohamed El Kalla said.