The venture (51% owned by CIRA, 49% by ACH) launched the first private university project of its kind, Cairo Saxony University for Applied Sciences and Technologies, and will continue establishing new projects either by utilizing ACH’s assets or acquiring new ones, the management added.
A source said that the company’s target to launch the Cairo Saxony University and the New Damietta University by 2023 is still part of the plan, as the papers for Cairo Saxony University have already been presented in December 2021, while the papers for New Damietta University will be presented by February 2022.
The land that New Damietta University will be established on was awarded to CIRA and Elsewedy as a group. A new project between the two companies is expected to be announced soon.
CIRA’s management stated that their expansions through the joint ventures will occur only when needed. If there are any projects CIRA can do on its own, management will pursue them without hesitation.
The two joint ventures will eventually be either absorbed by CIRA through an acquisition or will be listed in the stock market, which has always been the strategy the company tends to follow with many subsidiaries.
