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CIRA, NBE’s investment arm ink partnership deal

CIRA, NBE’s investment arm ink partnership deal

ArabFinanceCairo for Investment and Real Estate Development (CIRA) has signed a partnership and investment management agreement with Al Ahly Capital Holding (ACH), the investment arm of National Bank of Egypt (NBE), according to a press release.

Under the agreement, a joint venture (JV) will be established under the name of Al Ahly CIRA for Educational Services S.A.E.

The partnership between the two companies comes in line with their mutual objectives, including the provision of “top-notch world class education” to all segments of the Egyptian society, particularly the middle-income class.

ACH is keen on supporting projects that target enhancing the quality and competitiveness of education in Egypt, including technology and applied education, in line with Egypt Vision 2030, Chairman of NBE and ACH Hisham Okasha commented.

Modern education management tools will be applied under the agreement, as well as Egypt’s first private technology and applied education university, Cairo Saxony University for Applied Sciences and Technologies, will be launched, Okasha noted.

The university is set to be operational in September 2023, he revealed.

For his part, CIRA’s chairman Hassan El-Kalla said that this university will be established at an investment cost of EGP 2 billion.

Sources previously claimed that CIRA started negotiations with Qatar National Bank Alahli (QNB Al Ahli) (QNBA) to obtain a loan worth EGP 260 million to finance future expansion projects, including the establishment of Egypt’s first university for applied technologies, in collaboration with ACH.

CIRA is an Egypt-based company, operating in the investment field across diversified sectors, including education, construction and real estate, health care, information technology, and support services.

 

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