Cairo for Investment and Real Estate Development (CIRA) has started the procedures for establishing the International Complex for Advanced Science and Technology in Damietta. It is completing the feasibility study to apply for the necessary approvals from the Ministry of Higher Education and the presidential decree from the Cabinet.
The company expects to obtain approvals within the next week, aiming to complete and launch the project by the 2025 academic year.
The source told DNE that the university will include over 16 colleges specializing in various fields of technology and science, and will be able to accommodate more than 25,000 students.
The initial investments ranged between EGP 2-2.5bn. The company is currently updating the economic feasibility studies to reflect the increased value of investments due to inflation.
CIRA had previously announced a partnership with El Sewedy Capital to launch a university with investments of EGP 2.5bn in Damietta, without revealing the name or further details.
The source also revealed that the University of Saxony has obtained the approval of the Ministry of Higher Education and a presidential decree is expected to be issued by the Prime Minister for inauguration within the next two months.
The construction of Cairo-Saxony University will be completed by June 2024, and the final touches will start at the beginning of March. The university will be ready to receive students by September of this year.
The consolidated financial statements of CIRA in the first quarter of this fiscal year showed a 7% decline in the company’s net profits on an annual basis, reaching EGP 104.61m in the period from September to November 2023, compared to profits of EGP 112.15m in the same period of last fiscal year.
The company’s revenues increased during the three months to EGP 803.7m, compared to revenues of EGP 632.77m in the same period of last fiscal year.