Africa Crest to invest EGP 900 mn in two schools this year
Dubai-based Africa Crest Education is dusting off plans to invest EGP 900 mn in Egypt this year to establish two schools, the company’s financial advisor Mostafa El Shibini told Al Mal, according to a report in the newspaper’s print edition. The company had initially planned to invest EGP 800 mn in the two schools in 2019, but put put on the brakes thanks to covid-19, according to El Shibini.
In detail: The schools will be located in the new administrative capital and Capital Group Properties’ Alburouj in east Cairo. The company has obtained the necessary licenses and will begin construction in May, with an eye to open their doors in the upcoming academic year. Africa Crest is currently in talks with two unnamed local banks for EGP 480 mn in loans to partially finance the schools, while the company will self-finance the remainder.
Who’s Africa Crest? The company is a partnership between the SABIS education network (a longstanding player in MENA education), Kenya-listed Centum Investment (an affiliate of the Kenyan government), Dubai-based alternative investment outfit Investbridge Capital and Dubai Investments.