Cairo for Investment and Real Estate Development (CIRA Education) plans to launch four new colleges at Badr University in Assiut next month, with the start of the new academic year. The colleges are: Applied Sciences, Business Administration, Artificial Intelligence, and Languages. They will have a capacity of 6,000 students.
The sources told Daily News Egypt that the College of Applied Sciences has obtained the necessary approvals to open, while the other three colleges are in the process of getting approvals to be ready for students next month. The expansion was funded by the first issue of future rights securitization bonds worth EGP 800m.
The Financial Regulatory Authority (FRA) approved the Financial Group Company for Securitization to issue the first multi-issuance program for future financial rights securitization bonds worth EGP 2bn for three years for CIRA, as the referring company for the future financial rights portfolio, according to the sources. The first issuance of the program was a maximum of EGP 800m for seven years.
The sources said that CIRA is preparing to issue the second tranche of the program, worth EGP 800m, next month, to finance its planned expansions.
CIRA is also set to open the Futures Tech School next month, which is owned by Global Company for Educational Investments, a joint venture between CIRA and the Sovereign Fund of Egypt. The company owns 65% of Global Company, while the Sovereign Fund owns 35%.
CIRA had earlier signed a partnership agreement with the Sovereign Fund of Egypt to establish two new schools in the Global Village in 6th of October City, at an investment cost of EGP 350m. The schools are a branch of Futures Tech School and a branch of Regent British School.
CIRA has started receiving enrollment applications at Regent British School, which is scheduled to open next month. The school is owned by Universal Company for Educational Services, which is 65% owned by Cairo Egypt Company for Educational Services and 35% by the Sovereign Fund of Egypt (TSFE). CIRA owns 60% of Cairo Egypt Company, while TSFE owns 40%.
The sources revealed that CIRA aims to open two new nurseries by the end of this year, one in 6th of October City and another in Cairo, bringing the number of nurseries under its management to eight.