Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) announced that a land plot over an area of 11,975 square metres (sqm) or 2.8 feddans in New Sohag City has been allocated for the company at a price of EGP 1,705 per sqm.

The company has paid 10% of the total value of the land in advance, according to a bourse disclosure on Tuesday.

The licensing processes are currently underway to receive the land plot and build a new private school.

This announcement came in response to the news reports that CIRA purchased a five-feddan land in New Sohag City to establish an international school.

During the nine-month period ended on 31 May, CIRA’s net profits increased to EGP 330.4 million from EGP 231.56 million in the prior-year period.