Social Impact Capital to Acquire Additional Stake in CIRA

The research-driven venture capital firm Social Impact Capital Ltd (SIC), the majority shareholder of 51.2% in Cairo for Investment and Real Estate Development (CIRA), has announced that it has set in motion the process of acquiring an additional 37.5% stake in CIRA via a successful mandatory takeover offer (MTO).

The additional shares will be acquired on the MTO. CIRA is the largest fully integrated education service provider in the Egyptian private sector, and which is listed on the Egyptian Stock Exchange (EGX).

The landmark transaction follows a binding agreement with Afaq Al Elm  Investments Company (Afaq Al Elm), a subsidiary of the Saudi Egyptian Investment Company  (SEIC), SIC and its founding shareholders pursuant to which Afaq Al Elm has agreed  to subscribe to new shares in SIC by way of a capital increase with the proceeds to be used by SIC to finance the MTO.

SEIC, a fully-owned subsidiary of Saudi Arabia’s sovereign wealth fund – Public Investment Fund –  was launched in  2022 to invest in promising sectors throughout  Egypt. This investment reaffirms SEIC’s confidence in SIC’s vision and underscores CIRA’s growth potential as a transformative force in the region’s educational landscape.

With this investment, CIRA is positioned to expand access to world-class learning and spearhead transformative initiatives that empower students, and educators alike across all stages of the learning journey including higher education.

The collaboration will allow CIRA to forge pioneering partnerships with both local and global institutions to meet the region’s evolving educational needs and unlock new opportunities for growth  and innovation.

Milestone Cooperation

SEIC’s acting CEO Muteb Al Shathri said that they were delighted to mark this milestone               cooperation with SIC and together contribute to the growth of CIRA. This transaction is part of SEIC’s  strategy to contribute to the promising sectors which are important to for the economic development.

The strategic partnerships that SEIC is establishing with leading Egyptian companies are fundamental elements of success, he said.

CIRA Education CEO Mohammed El Kalla said that this transaction represents a bold leap toward realising our ambition of reshaping education across the region, marking a pivotal milestone in CIRA’s journey.

He said that with the partnership of SIC and SEIC, we are poised to take our vision to the next level supporting its aspiration to become a regional leader. This partnership  reflects our shared goal to contribute to the future of education and empower the next generation.

“Together, we will continue to continue innovate, expand and deliver world-class education to students across the region,” he added.