EFG Hermes reveals securing a deal with Egypt’s Talaat Moustafa Group Holding (TMG Holding) for the acquisition of a- EGP 1 bn- portfolio of schools in Cairo’s suburbs, Invest-Gate reports.

As part of a strategic alliance to develop and operate new national and international schools, EFG Hermes established a 50/50 joint venture with an Emirati education services provider, GEMS Education, to take over the exclusive operatorship and management of four new kindergarten-to-twelfth-grade (K-12) schools in the cities of Madinaty and Al Rehab in Egypt, EFG Hermes confirms in a statement.

“We are proud to be part of such a strategic alliance, which falls in line with our strategy to continuously improve the level of services offered to our growing communities in Madinaty and Al Rehab,” TMG Holding CEO Hesham Talaat Moustafa is quoted as saying.

“We are always trying to bring the best-in-class service providers to our potential 1 million residents in both cities and the new alliance with EFG Hermes and GEMS Education is a strong testament to our commitment to such targets,” he elaborates.

The statement eludicates that EFG Hermes is funding the capital of the transaction through merchant banking within the framework of the company’s strategy.

“This joint venture allows us to bring more than 50 years of educational excellence to Egypt. Students will be able to benefit from our global experience, coupled with access to an extensive network which offers multiple opportunities for the future,” Chief Executive Officer at GEMS Education Dino Varkey highltights in the company’s statement.