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Reading: EEP signs agreement for the development of international school in North Coast with Soma Bay
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Dailynewsegypt > Blog > Business > EEP signs agreement for the development of international school in North Coast with Soma Bay
Business

EEP signs agreement for the development of international school in North Coast with Soma Bay

Fatma Salah
Last updated: 2022/11/26 at 9:11 PM
By Fatma Salah 2 Min Read
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EEP signs agreement for the development of international school in North Coast with Soma Bay
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The Egypt Education Platform (EEP) owned by EFG Hermes and Egypt’s Sovereign Fund signed a new management agreement for the development of a new international school in the coastal city of Somabay, which is located on the Red Sea.

Sources told Daily news Egypt the new school will be owned by Abo Soma Development and will be able to host 300 students when fully operational, adding that the new school is targeted to start operations in September 2024.

Furthermore, the platform is currently close to finalising a new investment in the education content development space, which is expected to close in the fourth quarter (4Q) of 2022.

The sources also said that the platform’s assets currently amount to 18 schools and pre-schools under various stages of development with a combined capacity of 21,000 — 11,000 of which are enrolled.

The EEP also started the new academic year across eight operating schools, with all schools exceeding their targeted enrolment numbers for the 2022/23 academic year.

Moreover, the platform is exploring potential growth opportunities in the market through future acquisitions or development of new schools.

Additionally, final preparations for the start of the upcoming academic year  are currently being completed in two schools — Gems International School of Cairo (GISC) and Hayah West — which are scheduled to start operation next September with a combined capacity of 3,500 students.

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Egypt's Emigration Minister meets with founding board of Egyptians Abroad for Investment Company
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ABB allocates €13bn for green transformation by 2030
ABB allocates €13bn for green transformation by 2030
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Valu partners with Le Marche, Electrotech to offer payment solutions for furniture, electronics Expo
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