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CIRA acquires 51% stake in education startup

CIRA acquires 51% stake in education startup

ArabFinance: Cairo for Investment and Real Estate Development's (CIRA) board of directors approved the acquisition of a 51% controlling stake in Innovvette for Education, according to a January 24th disclosure.

CIRA eyes investments worth EGP 50 million for the expansion of Innovette’s footprint.

Innovvette will launch, under the partnership, 25 new nurseries across Egypt in the coming five years, CIRA added in a separate statement.

The first three nurseries, slated to be operational in May, will operate under the Steamulation Hub and KidzGround brands in Maadi and Fayoum.

CIRA registered a consolidated profit attributed to the shareholders worth EGP 112.27 million during the first quarter that ended on November 30th 2020.

CIRA is engaged in the investment in diversified sectors, including education, construction and real estate, health care, information technology, and support services.

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