Orascom Development signs agreement with NIS to develop schools in O West

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Thu, 04 Jun 2020 - 10:02 GMT

Orascom building- REUTERS- Mohamed Abd El-Ghany

Orascom building- REUTERS- Mohamed Abd El-Ghany

CAIRO – 4 June 2020: Orascom Development Egypt (ODE) announced Thursday signing its third School Development Agreement with Nermine Ismail School (NIS) to develop two K-12 international schools in O West.

This agreement comes within the company’s land monetization strategy which secures a total of c. LE 535 million of cash inflows from these agreements to date.

“Under the agreement, NIS will develop two new schools and “Advanced Education for the Establishment Management & Ownership of Educational Facilities” will take over the management and oversight of the schools, which are expected to open their doors by September 2022, a year before the delivery of the first real estate units in O West,” ODE clarified in a filing to the Egyptian Exchange (EGX).

It stated that the educational zone transactions that we managed to successfully conclude in O West resulted in securing a total of c. LE 535 million of cash inflows to ODE. “The rapid execution of land monetization will help the Group to unlock its hidden land bank value to the market and will provide additional cash for speeding up the development of its destinations.”

According to the filing, NIS was established in 1999. It owns and operates nine schools around Egypt offering multiple education tracks, including British, American, and French curriculums, and serves more than 9,000 students supported by more than 2,300 staff members.

Orascom Development Egypt recorded a 41-percent- increase of its profits during 2019, hitting LE 705.19 million in 2019, compared to LE 500.19 million, including minority rights, in 2018.

Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.

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