Egyptian developer Al Ahly Sabbour and New Giza for School Management (LVNG) signed a Memorandum of Understanding (MoU), last Wednesday, to develop two international schools in East Cairo.
The agreement will see the two companies develop schools at total investments of EGP 650m, on a 30,000 sqm total area at The City of Odyssia in east Cairo’s Mostakbal City.
By merging their experiences in real estate and educational development, the two companies will partner to offer a stimulating learning environment supported by international accreditation agencies, quality educators, and state-of-the-art facilities. The new project is expected to start operations in 2023.
Ahmed Sabbour, CEO of Al Ahly Sabbour, said, “Since day one, Al Ahly Sabbour has sought out partnerships that not only add value to our endeavours, but also help us achieve our vision to offer unique, state-of-the-art real estate products.”
He also said that the agreement with New Giza for School Management is “a tremendous leap towards creating a comprehensive cultural hub.”
“Through their brand, LVNG, New Giza for School Management is projected to add a new tier of quality living to the City of Odyssia,” Sabbour added, “It is our most important project to date, one that is set to bring immense value to the vital area considered as a golden triangle between Mostakbal City, New Cairo, and the New Administrative Capital (NAC).”
Amr Elseginy, CEO of LVNG, said, “We believe in the excellence and individuality of every learner, and we are keen to develop encouraging and stimulating educational environments that promote creative and self-discovery skills in academic, personal, sports, artistic, cultural and health domains, which we are thrilled to introduce to this new cultural and educational hub at Al Ahly Sabbour’s City of Odyssia.”
The City of Odyssia, in which EGP 29bn has been invested, is being developed by both El Mostakbal for Urban Development, the master developer of Mostakbal City, and Al Ahly Sabbour.
It is planned that the development will be delivered over seven phases, three of which, The Ridge, Alaire, and Alaire Park, have already been launched. These projects contain mixed-use and residential components.
Moreover, the 528 acre project features a unique architectural style designed by the world-renowned architecture firm Gensler. The City of Odyssia is set to start delivering towards the end of 2022.