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EDUCATION-
Saxony Egypt University for Applied Science and Technology (SEU) has officially opened its doors, following on from the university accepting its first intake of students in September 2024, according to a statement(pdf). The Al Ahly CIRA project — a JV between our friends at CIRA Education and Al Ahly Capital — stands as the largest private technological university in the greater Cairo region.
“The newly established applied science and technology university sets itself apart as a premier institution by offering German education standards that ensure academic excellence and global recognition,” according to the statement
The official opening saw SEU sign MoUs with three German universities — University of Applied Sciences Zittau/Görlitz, the University of Applied Sciences Westsächsische Hochschule Zwickau, and the University of Applied Sciences Technische Universität Bergakademie Freiberg — to ensure the “direct transfer of German academic excellence, applied research methodologies, and industry-integrated education to Egypt.” A fourth MoU was inked with DEinternational to “provide German dual vocational and educational training (VET), allowing SEU students seamless integration into the German labor market.”
M&A-
#1- EFG Holding’s commercial bank Bank NXT offloaded its entire 15.3% stake in Zahraa Maadi Investment and Development in a transaction worth EGP 498.72 mn (EGP 3.26 apiece), according to a bourse filing (pdf) from the bank FKA aiBank. The share price of Zahraa fell 9.0% to EGP 3.55 at yesterday’s closing. EFG Hermes advised on the transaction.
#2- EGX-listed dairy giant Domty’s board approved plans to split the company into two entities, according to a disclosure (pdf) to the EGX. The board also approved appointing Matouk Bassiouny and Hennawy as counsel for the demerger process.
The move comes amid reports that it wants to exclude its bakery unit from Arla’s acquisition bid. Domty confirmed earlier this week that it is studying a proposal to exclude its bakery segment from Denmark-based Arla Foods’ potential EGP 8.9 bn acquisition for up to 100% of the company.
#3- Private investment firm Intro Group acquired an undisclosed stake in engineering consultancy Advec, according to a joint statement (pdf). No information was publicly disclosed about the size of the stake or the value of the transaction. The partnership aims to tap Advec’s expertise to develop scalable, tech-driven solutions for emerging markets, said Intro Group’s Chairman Ayman Mahmoud Abbas. Meanwhile, Advec’s Chairman Ahmed Salem said that the transaction will strengthen the firm’s regional presence — particularly in the Gulf region and Africa — and unlock new R&D potential.
