The Egypt Education Platform (EEP) owned by EFG Hermes and Egypt’s Sovereign Fund signed a new management agreement for the development of a new international school in the coastal city of Somabay, which is located on the Red Sea.
Sources told Daily news Egypt the new school will be owned by Abo Soma Development and will be able to host 300 students when fully operational, adding that the new school is targeted to start operations in September 2024.
Furthermore, the platform is currently close to finalising a new investment in the education content development space, which is expected to close in the fourth quarter (4Q) of 2022.
The sources also said that the platform’s assets currently amount to 18 schools and pre-schools under various stages of development with a combined capacity of 21,000 — 11,000 of which are enrolled.
The EEP also started the new academic year across eight operating schools, with all schools exceeding their targeted enrolment numbers for the 2022/23 academic year.
Moreover, the platform is exploring potential growth opportunities in the market through future acquisitions or development of new schools.
Additionally, final preparations for the start of the upcoming academic year are currently being completed in two schools — Gems International School of Cairo (GISC) and Hayah West — which are scheduled to start operation next September with a combined capacity of 3,500 students.