University of Texas is setting up shop in Egypt
Egyptian medical tech company Teams has signed a USD 300 mn agreement with the University of Texas Medical Branch to set up a campus in Egypt, Teams co-founder Hossam Badrawi told Al Mal. Teams is currently deliberating between Sheikh Zayed and Al Salam City for the new campus, which will include colleges of nursing, public health, medical sciences, and policies. The company has secured 25% of the necessary financing from unnamed Chinese investors, Al Mal claims, and has signed initial agreements with unnamed Egyptian individual investors, businesses, and banks for further financing.
Hossam Badrawi is an MD — and former member of parliament who built and ran the Nile Badrawi Hospital before selling it to now-EGX-listed Cleopatra Hospitals Group.
Why is a foreign university setting up shop here, again? International universities have been allowed to establish branches in Egypt by building a new campus or partnering with an Egyptian company since 2018, when the government ratified the International Branch Campus Act. The program has largely been successful, with several international universities moving to open branches in Egypt, which industry figures we’ve spoken with attributed to the government’s light-touch regulatory approach to the system.