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Egyptian, regional investors launch LE200m international school

: UAE-based education services outfit Africa Crest Education (ACE) has signed the final contracts with Capital Group Properties to begin building a EGP 200 mn branch of the international school Cadmus within its integrated development Alburouj. For the project, ACE, which will own 35% of the school, will be partnering up with SABIS educational group (which will own 30%), as well as Redcon Construction Chairman Tarek El Gamal and Egyptian International Consulting Group (EICG) Chairman Mostafa El Shibini, who will split the remaining stake between them, El Shibini tells Al Mal in an interview.

What about funding? The main shareholders will provide EGP 100 mn for the project and talks are currently ongoing with Egyptian and Emirati banks to secure another EGP 100 mn through a medium-term loan, according to El Shibini, who expects funding to be in place before the end of the year. The school, on which construction has already started, is set to open with the start of the 2019 academic year and targets the mid-income segment.

Looking ahead, Africa Crest plans to establish five similar schools across Egypt over the next few years, either through new developments or the acquisition of existing facilities. Dubai Investments PJSC had pledged USD 20 mn in new investments to ACE earlier this year for the development of SABIS-operated schools in African countries, including Egypt. SABIS, which is one of the founders of ACE, runs the Choueifat schools in the region.

Time Added: 2018-09-13 11:57:36
Source: arabfinance
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