CIRA, Al Ahly Capital to launch EGP 2 bn educational investment platform
CIRA, Al Ahly Capital to launch EGP 2 bn education investment company: Cairo for Investment and Real Estate Development (CIRA) and Al Ahly Capital Holding (the investment arm of state-owned NBE) have agreed to launch a new company to invest in middle-income education providers, according to a joint statement (pdf) out yesterday. Al Ahly CIRA for Educational Services will launch with initial capital of EGP 2 bn, CIRA CEO Mohamed El Kalla told us yesterday, which the two companies say makes it the largest public-private education partnership in the country.
The platform will establish Egypt’s first private technology university, Cairo Saxony University for Applied Sciences and Technologies. The full EGP 2 bn will be deployed towards Cairo Saxony, which will specialize in technology and applied education and is set to start operations in September of 2023, the statement said.
The post-Saxony pipeline: Al Ahly CIRA will be focused on M&As and is in discussions for a couple of greenfield projects, El Kalla said, without disclosing further details. The company will make an announcement regarding its future investment plans within the next six months, he added.
Advisors: Our friends at ALC Alieldean Weshahi & Partners were legal counsel to Al Ahly Capital on the transaction and Zulficar & Partners represented CIRA.
Editor’s Note: This story was updated on 25 October to add the fact that Zulficar represented CIRA in the matter.