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Palm Hills, Taaleem pen MoU to build private university in Badya

Palm Hills, Taaleem pen MoU to build private university in Badya
A new university will be built over an area of 100,000 square metres
CI Capital Holding
CICH
-0.83% 4.79 -0.04
Palm Hills
PHDC
2.42% 3.38 0.08

Cairo – Mubasher: Palm Hills Developments (PHD) and Taaleem Management Services Company, one of the minority-owned investments of CI Capital Holding For Financial Investments, signed a memorandum of understanding (MoU) to establish a joint venture that will build a higher education campus.

A new university will be built over an area of 100,000 square metres in PHD’s flagship project Badya, situated in West Cairo, upon obtaining the regulatory and corporate approvals, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The project is planned to feature an Egyptian private university comprising of life sciences faculties in cooperation with Medical University of Vienna International (“MUVI”). Moreover, it will also include one or more international branch campuses of world-leading universities.

It is worth mentioning that in 2019, PHD logged net profits of EGP 906.22 million, slightly down from EGP 906.86 million a year earlier, including minority shareholders’ rights.