Egypt’s Prime Minister Mostafa Madbouli witnessed on Tuesday the signing ceremony of a shareholder agreement between the Sovereign Fund of Egypt for Investment and Development, the Egypt Fund for Support and Development of Education Company, and Al Ahly CIRA Educational Services Company. The agreement aims to establish a new company to develop four new models of international universities in Egypt, combining a unique mix of international branch campuses and technological universities.
The agreement was signed by Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt for Investment and Development Hala El-Said, Minister of Higher Education and Scientific Research Ayman Ashour, on behalf of the Egypt Fund for Support and Development of Education Company (S.A.E.), Chairperson of the National Bank of Egypt (NBE) Hisham Okasha, and Chairperson of Cairo Investment and Real Estate Development Company Hassan El-Kalla, on behalf of Al Ahly CIRA Educational Services Company (S.A.E.).
According to the agreement, the new universities will be established in collaboration with several prestigious international educational institutions in Canada, Switzerland, Germany, and the United States, through partners to be announced upon the completion of the cooperation agreements. This partnership between public and private sector institutions demonstrates a shared commitment from all parties to achieve excellence and foster innovation in educational services, ensuring that students in Egypt benefit from the best curricula that meet global standards. This is expected to positively impact the quality of the education system in Egypt.
Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt Hala El-Said emphasized the state’s interest in education and the continuous efforts to advance the education sector. She noted that the determinants of the 2024-2025 economic and social development plan include increasing the competitiveness of higher education by implementing a package of investment incentives to encourage the private sector, enhancing projects to qualify Egyptian public universities for quality and international competitiveness, continuing the expansion of technological universities to cover more governorates in partnership with the private sector, and increasing the number of international students to boost educational service exports. The plan also aims to link higher education outcomes with the labor market by expanding the establishment of technological universities, she added.
She explained that the National Program for Structural Reforms is a participatory program involving all sectors, focusing on several axes, including the efficiency and flexibility of the labor market. As the labor market has become dynamic and technology-dependent, educational outcomes must align with the evolving labor market to balance supply and demand. Therefore, attention has been given to technical and technological education, she added.
The minister confirmed that the Sovereign Fund works at full force alongside its partners from the Egyptian and foreign private sectors and investment funds to achieve the highest returns from the assets transferred to it. The fund aims primarily to create opportunities from the transferred assets, build partnerships with national and foreign investors, and preserve the rights of future generations. As the investment arm of the state, its plan aligns with Egypt’s Vision 2030, promoting development and spatial justice by investing in different governorates.
