Cairo Investment and Real Estate Development (CIRA) has obtained an 81-acre plot from the New Urban Communities Authority (NUCA) to develop a private university in Nasser City, west Assiut, Invest-Gate reports.

CIRA has paid EGP 43 mn in advance to NUCA, which is equivalent to 15% of the land’s value, the company said in a bourse filing on July 8.

Back in June, the developer has signed a finance facility agreement with Qatar National Bank Al Ahli (QNB Al Ahli) to receive an EGP 100 mn loan as a first tranche, to be used to resume the construction of four new buildings in Badr University, according to a previous statement.

The new additions were aimed at providing faculties of medicine, applied medicine, biotechnology, veterinary medicine, and nutrition. But the process was halted as CIRA was seeking a fund worth nearly EGP 250 mn to EGP 300 mn to finalize the project.

During the six-month period ended on February 28, CIRA registered a net profit of EGP 148.43 mn, compared to EGP 113.95 mn in the year-ago period.