The Prime Minister, Minister of Planning and Economic Development, and Minister of Higher Education and Scientific Research Witness the Signing of a Shareholders Agreement Between Sovereign Fund and Al Ahly CIRA for Educational Services to Establish Four New International University Models in Egypt
Cairo, 02 July 2024
Dr. Mostafa Madbouly, Prime Minister, Dr. Hala El-Said, Minister of Planning and Economic Development, and Dr. Ayman Ashour, Minister of Higher Education and Scientific Research, witnessed today the signing of a shareholders’ agreement between the Sovereign Fund of Egypt, represented by the Egypt Education Development Fund, and Al Ahly CIRA for Educational Services. This joint venture between CIRA Education, the largest investor in private education in Egypt, Al Ahly Capital Holdings (ACH), The National Bank of Egypt’s private equity arm, and the Education Support and Development Authority aims to establish a new company to develop four new international university models in Egypt, combining a unique blend of branches of international universities and technological universities.
The agreement was signed by Dr. Hala Al-Said, Minister of Planning and Economic Development and Chairman of the Board of Directors of Egypt’s Sovereign Fund for Investment and Development, and Dr. Ayman Ashour, Minister of Higher Education and Scientific Research and representing the Education Support and Development Authority. The agreement was also signed by Mr. Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, and Dr. Hassan El Kalla, Chairman of the Board of Directors of the CIRA Education Company, on behalf of Al-Ahly CIRA for Educational Services.
The signing ceremony was attended by Mr. Ayman Soliman, CEO of the Sovereign Fund of Egypt; Dr. Mohamed Al-Sharqawi, Assistant Minister of Higher Education for Policy and Economic Affairs and Acting Executive Director of the Education Support and Development Authority; Mr. Ihab Rizk, Executive Director of the Education, Food, and Agriculture Sectors of the Sovereign Fund of Egypt; Mr. Mohamed El Kalla, CEO of CIRA Education; and Mr. Karim Saada, CEO of Al-Ahly Capital Company and Chairman of the Board of Directors of Al-Ahly CIRA Educational Services Company.
The new universities will be established in collaboration with a number of prestigious global educational institutions from Canada, Switzerland, Germany, and the United States through partners who will be announced upon the finalization of the relevant cooperation agreements. This public-private partnership underscores the joint commitment of various stakeholders to achieving excellence and fostering innovation in educational services. It ensures that students in Egypt benefit from the best educational curricula that meet global standards, significantly enhancing Egypt’s educational landscape.