Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) has submitted a request to purchase a land plot dedicated for service and educational activities in New Rashid City.

Responding to news reports about a potential deal to acquire 20,000 square metres (sqm) for establishing a new school in New Rashid City, CIRA said that this move is part of its expansion plan, according to a bourse disclosure on Wednesday.

The company aims to build schools and universities in new urban communities to serve the middle-income segment of the society.

The details of the project will be disclosed once the land allocation decision is issued.

During the six-month period ended 28 February, CIRA logged net profits of EGP 246.05 million, up from EGP 223.734 million in the year-ago period, including minority shareholders’ rights.