Sep 28, 2021

Palm Hills Developments And CI Capital’s Backed Taaleem Management Services Ink Shareholder Agreement To Establish A University In Badya, In Collaboration With Medical University Of Vienna International (“MUVI”)

Palm Hills Developments (“PHD” or “the Company”) and Taaleem Management Services (“Taaleem”), one of CI Capital Holding for Financial Investments (“CI Capital”) minority owned investments, announce signing a Shareholder Agreement to establish an educational company with the purpose of developing a University campus in Badya, PHD’s integrated project that is currently under development in West Cairo.

Through said platform, the joint venture will be developing a University in Badya which will include several faculties, subject to regulatory approvals, and is expected to serve up to 9,000 students. The investment cost is expected to be in the range of cEGP1.6-1.9 billion, to be financed by equity and debt. PHD will have an economic interest of 40% in the joint venture, and Taaleem will be holding an economic interest of 60%.

The first faculty will be offering life sciences in collaboration with Medical University of Vienna International (“MUVI”). The faculty is expected to commence enrollments during 2022.The partnership is in active dialogue with a number of international universities and faculties to establish branches in Badya, Egypt.

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