The Greek Mac Optic Group has signed an agreement with the MLF Foundation— a government entity under the French Ministry of Education— to invest in the Egyptian education sector.
Dr. Ahmed Radwan, CEO of the Mac Optic Group, revealed that the group is expected to invest approximately 300 million Egyptian pounds in the Egyptian education sector in the upcoming period.
In exclusive statements to Al-Mal, he noted that these investments include the establishment of five new schools in Alexandria, Cairo, Mansoura, Port Said, and Minya, as well as a specialized academy in engineering and economics in Cairo.
Founded in 1995 in Greece, the Mac Optic Group operates in several countries, including Cyprus, Bulgaria, Canada, and Iraq, with key areas of work including cement production, supply of food products, medical supplies, refining, and other economic activities.
Radwan indicated that the agreement with the French side includes management responsibilities for the schools and academy, enabling graduates to obtain officially accredited certificates equivalent to those awarded to French students.
He added that the French embassy in Cairo communicated with the Egyptian Ministry of Education, with the French ambassador sending a letter to Dr. Tarek Shawky, Minister of Education, to inform him of the new agreement.
“We are currently awaiting the approval of the Egyptian Ministry of Education to activate the agreement and commence the construction of the schools,” he continued.
Radwan mentioned that an official signing ceremony is expected to take place at the French embassy, and they have informed the ministry to determine an appropriate timing for the celebration.
He highlighted that the investment in the Egyptian education sector will be through a new company that will be established for this purpose under the umbrella of “Mac Holding.”
Al-Mal had previously reported last year that Mac Optic planned to establish a holding company in Egypt named “Mac Holding,” which would include several subsidiaries operating in four investment sectors: banking, media, education, and health, with a paid-up capital of 100 million dollars.
“We have now begun the initial steps and procedures for establishing the new company, but we are awaiting approvals from the Ministry of Education to intensify our efforts and start the actual construction of the schools,” Radwan said.
The new company will bear the name of the schools expected to be established.
He clarified that investing in education is one of several fields that Mac Holding aims to enter in the Egyptian market in the coming period.
Radwan confirmed that the investment in the education sector in Egypt will be in accordance with the highest international standards and specifications to ensure the desired academic outcomes.
He pointed out that the Egyptian market is promising and attractive for both local and foreign investment, especially in light of the facilitation provided by the government to investors.
