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Al-Ahly Capital, CIRA establish education services joint venture - Daily News Egypt

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Al-Ahly Capital, CIRA establish education services joint venture

Al-Ahly-CIRA to establish Cairo Saxony University for Applied Sciences and Technologies with EGP 2bn of investments

Al-Ahly Capital Holding Company, the investment arm of the National Bank of Egypt (NBE), signed a shareholders agreement with Cairo Investment and Real Estate Development (CIRA) – the largest company operating in the educational service field and listed on EGX. The agreement aims to establish Al-Ahly CIRA Educational Services Company. This agreement is in line with the common objectives of the two parties to provide high-quality education on a world-class level to all groups of Egyptian society, especially the middle-income group.

Hisham Okasha, Chairperson of NBE and Al-Ahly Capital, said that the agreement aims to contribute to the ongoing development of the state’s educational system in all its stages and specializations.

He revealed that the launch of the first private university project of its kind, Cairo Saxony University for Applied Sciences and Technologies. It will be dedicated to technological and applied education in Egypt and is scheduled to start operating within two years.

Hassan El-Kalla, Chairperson of CIRA, stressed the company’s keenness on directing investments to support education.

He noted that the agreement aims to expand the scope of the company’s business in Egypt and that this partnership is one of the largest alliances to provide equal opportunities for all Egyptian students.

For his part, Karim Saada, Managing Director of Al Ahly Capital Holding, praised the fruitful cooperation leading to the successful implementation of the agreement. He pointed out that Al-Ahly Capital seeks to implement its strategy to invest in the education sector through the establishment and management of educational facilities under the supervision of the state.

Saada added that the platform will start its first investment projects by establishing the first private technological university in Egypt specialized in technological with EGP 2bn of investments.

For his part, CIRA CEO Mohamed El-Kalla stated that Egypt needs partnerships between various institutions to meet the increasing needs of citizens. He stressed that the partnership between Al-Ahly Capital Holding and CIRA will create a platform that has the expertise and resources required to achieve a better future for the educational process.

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