Tatweer Misr signs EGP3.2 bln deals for its educational area in New Cairo project
Egypt’s property developer, Tatweer Misr signed on Monday three investment agreements worth 3.2 billion Egyptian pounds ($203.8 million) to establish a New Jersey university subsidiary and two American schools.
The agreements aimed at establishing New Jersey Institute of Technology (NJIT) subsidiary alongside King’s College London and Narmer American College in the anticipated educational area at Tatweer Misr’s Bloomfields Project located in Mostakbal City, New Cairo.
The company has also signed a strategic partnership with the Commercial International Bank-Egypt (CIB Egypt) and Colliers International to prepare a feasibility study for the education area project in order to attract investors and mutual funds in sectors of education and entrepreneurship.
The company is looking to establish the educational area in its integrated urban community project in Mostakbal City over an area of 90 feddans with an investment of 10 billion pounds.
Upon completion in 10 years, the area will include between two and three universities, four and six international schools, and an innovation centre, Tatweer Misr chief executive Ahmed Shalaby said in a press conference.
The company will invest about 3.5 billion pounds in the first phase of the project, which will extend over 36 feddans, and its completion is due in 2026 and 2027.
The first phase will include the NJIT subsidiary, which will be built with an investment of 2 billion pounds.
Spanning over 16 feddans with a built-up area of about 40,000 square metres (sqm), NJIT is expected to accommodate about 3,300 students.
The first phase will also include a branch of King’s College London, which will be built with an investment of 800 million pounds. Extending over 14 feddans with a built-up area of around 28,000 sqm, the school is planned to accommodate about 3,000 students.
The company will also build a branch of Narmer American College over an area of 16 feddans with an investment of 400 million. With a built-up area of nearly 21,000 sqm, the school will accommodate 1,800 students.
In 2018, Tatweer Misr launched Bloomfields project with an investment of 28 billion pounds. The 415-feddan community includes 325 feddans of residential, administrative, commercial, and entertainment areas and a 90-feddan educational area.