Cairo – Mubasher: Orascom Development Egypt (ODE) signed its third school development agreement with Nermien Ismail Schools (NIS), continuing to deliver on its accelerated land bank monetisation strategy and securing EGP 535 million worth of cash inflows. 

Under the deal, NIS will develop two K-12 international schools in O West, while Advanced Education for the Establishment Management & Ownership of Educational Facilities will be assigned the management and oversight of the schools, ODE said in a bourse disclosure on Thursday.

The two schools are slated to open by September 2022, a year before the delivery of the first real estate units in O West.

It is noteworthy to mention that in March, ODE signed a deal with Cairo for Investment and Real Estate Development to build two new schools in O West in 6th of October City.