Taaleem Management Services Company and Palm Hills Developments (PHD) announced, on Sunday, the signing of a memorandum of understanding (MoU) to set up a university in PHD’s flagship Badya project.
Subject to regulatory and corporate approval, the joint venture will establish the university’s campus over a targeted land area of 100,000sqm in Badya, which is strategically located in the heart of West Cairo.
The project will be comprised of an Egyptian private university offering life sciences faculties in collaboration with the Medical University of Vienna International (MUVI). It will also include one or more international branch campuses of world-leading universities under Law No. 162 of 2018.
“This venture comes in line with our diversification strategy, which has been under implementation since the 60% stake acquisition by CI Capital and its co-investors in Taaleem in September 2019,” said Mohamed El Rashidi, CEO of Taaleem.
“It represents Taaleem’s next wave of growth, concretising our position as one of the largest higher education platforms in Egypt. We are very delighted to invest in this project alongside PHD, and we are confident that the partnership will enable us to achieve our ambitious growth plans going forward,” El Rashidi added.
Yasseen Mansour, Chairman and Group CEO of Palm Hills Developments, added, “By establishing this campus alongside the Medical University of Vienna, our vision of Badya as a truly integrated, creative city will come to fruition.”
He noted, “This project not only cements Badya as the centre of innovation and technology but better serves our residents and elevates the standards of higher education in Egypt. We believe Taaleem is the right partner on the back of their proven track record and solid credentials.”