Cairo for Real Estate Investment and Development (CIRA) plans to establish an education sector private equity fund by the end of 2022.

This is in addition to targeting the full acquisition of Starlight Education Group within three years, after it completes increasing the stake to 80%.

CIRA is in talks with a union of international banks to secure funding for its planned University of Applied Technology.

The company is negotiating a credit facility with three banks that would cover 40 to 50% of the EGP 2 billion project. In addition, it also plans to invest up to EGP 500 million to establish four language schools in Qena, New Assiut, New Rashid and Alamein by 2022.

CIRA has released its trading results for the six-month period ending February 28, 2021, indicating that revenue increased 14% (adjusted: 23%) year-over-year (year-over-year). This saw the company’s revenue rise to EGP 758.8 million in the first half (H1) of fiscal year 2020/21.

Gains for the period further improved in gross profitability, which increased 23% (adjusted: 40%) year-on-year to 514.5m EGP in the first half of fiscal 2020/21. It was represented by GPM margin growth of 5.2 pps (8.2 pps adjusted) year-on-year to 68%.