EFG Hermes (Photo: Reuters)
The Head of Assets Management and Investments at Egypt's biggest investment bank EFG Hermes Karim Moussa said the group is willing to investment $300 million in basic education in Egypt in cooperation with UAE GEMS Education in the upcoming five years.
" In the upcoming two months, Hermes will launch its first investments platform in education sector in Egypt with a plan to obtain four or five schools by the end of September 2018", Moussa told Reuters on Sunday.
The announcement comes as Hermes said it has signed an exclusive cooperation with UAE GEMS education to launch the largest investment platform targeting Egypt's basic education sector.
Hermes is aiming to establish a portfolio of international and language schools in major Egyptian cities in the upcoming five years starting from kindergarten and until 12th grade.
"The group will obtain already existing schools in addition to establishing new schools, initially in Cairo and Alexandria governorates" Moussa added.
Established in 1959, GEMS UAE is one of the largest schools management groups in the Middle East and North Africa.
Hermes is currently active in a number of markets around the Middle East in Egypt, UAE, Saudi Arabia, Jordan, Kuwait, Oman Pakistan as well as Kenya in Africa and the United States.
Egypt, the Arab world’s biggest education market and most populous nation exceeding 90 million, is becoming attractive to investors as the country has been undertaking a promising economic reform program to attract foreign investors who left in the wake of the 2011 political uprising and following political turbulences.