Cairo – Mubasher: Cairo For Investment and Real Estate Development announced that it has submitted a request to be exempted from the 20% cap earlier imposed on foreign ownership of schools.

The Egyptian Ministry of Education has formed a committee that will consider requests of foreign investors seeking exemptions from the maximum limit, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.      

Negotiations are still underway between the ministry and the company, the statement showed.

It is noteworthy that during the September-November period of 2019, the company posted a net profit of EGP 109 million, compared to EGP 62.8 million in the prior-year period.