Wed, 31 Mar 2021 - 01:16 GMT
Wed, 31 Mar 2021 - 01:16 GMT
Minister of Planning and Economic Development Hala al-Said witnesses signing of MoUs between Sovereign Fund of Egypt on one hand and EFG Hermes and GEMS on the other hand. Press Photo
CAIRO - 31 March 2021: The Sovereign Fund of Egypt (TSFE) and EFG Hermes announced Tuesday that the former had committed LE250 million to the EFG Hermes Education Fund’s third close.
TSFE and GEMS Egypt also signed a memorandum of understanding to develop and operate two premium national schools western Cairo, which will be built over 30,000 sqm with a capacity of 2,500 students each. The schools will be constructed on TSFE-owned land in line with its mandate to create value out of unutilized assets.
The investment is considered TSFE’s first in Egypt’s education sector and is a testament to GEMS Egypt’s success in the local market over the last two years whereas the fund injected investments amounting to almost LE1.6 billion.
“These investments made by TSFE in the education sector serve to underscore the state’s strategic priorities, which are aligned with its political leadership’s vision to achieve the overarching sustainable development principles and goals outlined in Egypt’s Vision 2030,” Minister of Planning & Economic Development and Chairperson of TSFE Dr. Hala El Said said.
“TSFE seeks to increase returns and create wealth for future generations across several axes, among which is creating sustainable returns from its existing and potential assets through investments in projects that tie closely to Egypt’s priorities. This also falls in line with investing in human capital, which is considered a fundamental element of the comprehensive development process. Egypt’s Vision 2030 emphasizes education as central to the development of future generations, especially through the use of technology, which has become vital to the future of all economies. TSFE’s focus on these investments will result in meeting multiple objectives represented in utilizing idle assets and creating educational capacities while generating sustainable returns on investment.”
“The resilient yet growing education sector in Egypt continues to provide attractive opportunities for local and global players,” said CEO of TSFE AymanSoliman. “The distinguished partnership between TSFE, EFG Hermes, and GEMS Egypt will set a benchmark in the sector as it will present our distinct national curricula through a school model that also focuses on the development, sports, interpersonal skills, and technological integration, encompassing a plan for a modern curriculum that aligns with Egypt’s future vision for education. Part of TSFE’s current and potential assets will be used to provide a wide segment of Egyptians with a high-quality education that is benchmarked against international standards at affordable tuition. This is intended to support the middle class against challenges that include waiting lists for school entry and the burdens of private lessons. This partnership will also be followed by similar alliances with entities that possess technical know-how and the necessary capital shortly.”
“EFG Hermes has committed itself to establish the largest education investment fund in Egypt,” said Group CEO of EFG Hermes Karim Awad. “This partnership with TSFE confirms the dedication of the Firm to invest in the education sector —the main pillar and growth driver of the country’s economic development. We aspire to further fortify this agreement through continuous collaborations and the concerted efforts of various entities across the Egyptian educational sector, as we seek to guarantee the right to quality education for all Egyptians and upgrade the competitive capabilities of the Egyptian education system in line with Vision 2030.”
“We are honored to be partnering with TSFE and recognize the valuable addition it brings to the EFG Hermes Education Fund. Our visions and goals are in direct alignment when it comes to unlocking potential and driving value in the Egyptian education sector by developing a strong institutional presence capable of offering educational services that follow the highest global standards,” said Head of Assets Management & Private Equity at EFG Hermes KarimMoussa. “This is the third close of our education fund, which now ranks as one of the largest specialized investment funds in the MENA region. Our fund’s capital currently amounts to c.USD 150 million, which perfectly positions us to continue expanding our scope in the Egyptian market.”
“We have been working to develop a full-fledged platform that offers world-class education services across our offering, be that in national or international schools,” said GEMS Egypt CEO Ahmed Wahby. “Our partnership with TSFE will allow us to effectively utilize GEMS Egypt’s unique capabilities which include distinguished teacher training academies, modern international curricula, international educational benchmarks, and advanced information technology infrastructure to offer students a balance between a strong national curriculum and the most advanced international learning techniques. We believe our comprehensive management service model will help expand our geographical presence in the local market while maximizing value for landowners like TSFE through long-term impactful investments.”