Cairo – Mubasher: Orascom Development Egypt and Cairo for Investment and Real Estate Development signed an agreement to build two new schools in Orascom’s O West in 6th of October City.

With a combined investment cost of up to EGP 450 million, Cairo Investment will establish two new schools, namely Saxony International School (SIS) and British Colombia Canadian International Schorwwol (BCCIS), according to a statement on Sunday.

Cairo Investment’s subsidiary Eduhive will be responsible for the supervision of the schools, slated to open in the academic year in 2021/2022.

It is noteworthy that during the November-December period of 2019, Cairo Investment’s net profits reached EGP 109 million, up 47% from the year-ago period.

During the first nine months of 2019, Orascom Development Egypt reported net profits of EGP 501.2 million from EGP 274.06 million in the corresponding period a year earlier, including minority shareholders’ rights.