Cairo – Mubasher: Cleopatra Hospital Co announced signing a joint venture (JV) agreement with Nahda University for Education and Management and Taaleem for Management Services to renovate and operate Nahda Hospital in Beni Suef.

Cleopatra’s first medical facility in the governorate of Beni Suef will be established and operated with estimated investments of up to EGP 360 million, according to a statement to the Egyptian Exchange (EGX) on Sunday.

“The new hospital will benefit from Nahda University's medical staff and students and is expected to manage citizens' regular medical needs (serving a catchment area in excess of 3 million people) while feeding more complex cases to CHG's established reference hospital network in the Greater Cairo area,” the statement added.

The project is set to host 198 beds as well as five operating rooms. The first phase of operations is projected to begin by the fourth quarter of 2020.

Earlier in August, Cleopatra’s shareholders approved a partnership agreement with Nahda University for Education and Management and Taaleem for Management Services to develop Al Nahda Hospital with investments worth EGP 360 million.

The new JV has an authorised capital of EGP 10 million and an issued capital of EGP 1 million.

During the first quarter of 2019, Cleopatra Hospital’s net profit retreated to EGP 55.139 million, compared to EGP 57.195 million in the year-ago period.