The British University in Egypt (BUE) has signed a partnership agreement with AfricInvest, a leading pan-African Private Equity firm to finance the university’s $40 million expansion plans.
Egypt’s Minister of Higher Education and Scientific Research Ayman Ashour witnessed the signing ceremony at ministry headquarters in the New Administrative Capital.
University’s Chair of the Board of Trustees Farida Khamis, President and Vice-Chancellor Professor Mohamed Loutfi and Senior Partner and Managing Director of Africinvest Egypt Ismail Talbi signed the agreement.
The investment, which remains subject to regulatory bodies’ approvals, will be made through a capital increase and would be one of Egypt’s largest foreign direct investments in education to date. The Khamis family will remain the majority shareholders in the university after this investment.
“The University has made its mark as a student-centered institution and we look forward to working with our new partners to seek new synergies, and leverage AfricInvest’s investment to further develop and strengthen our infrastructure and improve the learning experience for our students,” Professor Mohamed Loutfi said.
“We welcome Africinvest’s investment in our university, with the Khamis family maintaining a controlling stake,” Farida Khamis said.
“This injection of capital, with ongoing support from the Egyptian government, will allow us to further the legacy of our founder – my late father, Mr Mohamed Farid Khamis — by broadening the capabilities and academic reach of the University to ensure our leading role amongst educational institutions, not just in Egypt, but in the Middle East and Africa,” she added.
Founded in 2004, the BUE is Egypt’s premier private British university. It offers a wide range of dual degree undergraduate and postgraduate degrees – in partnership with its academic partners, Manchester Metropolitan University, London South Bank University and Queen Mary University – based on the British model of higher education.
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