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Monday, 14 June 2021

SFE, GEMS collaborate on Sixth of October schools

The Sovereign Fund of Egypt (SFE) and GEMS Egypt will establish at least two schools in Sixth of October City’s state-owned Cosmic Village, a source from GEMS told Enterprise on condition of anonymity. The schools will be open for admission starting September 2023, they added. Details on an expected cost for the project have not yet been confirmed.

This isn’t the first agreement of the sort: The SFE and GEMS signed an MoU in March to build and operate two national schools in west Cairo on SFE-owned land. The wealth fund also committed EGP 250 mn to the EFG Hermes Education Fund, established in 2018 as a 50/50 JV between EFG and GEMS.

Investment plans: GEMS CEO Ahmed Wahby said last year that the company has earmarked USD 300 mn to set up 30 schools across its footprint over 2.5 years.

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