Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) has received the cabinet's approval for the establishment of a private-sector university named Badr University in Assiut. 

The university, situated in Nasser City, will include 17 faculties as well as specialised institutes and research units, CIRA said in a bourse disclosure on Thursday. 

The company has completed the establishment of the first phase of the university which currently awaits a presidential decree and other operational approvals to be inaugurated officially. 

During the nine-month period ended 31 May, CIRA achieved consolidated net profits of EGP 458.2 million, up from EGP 330.9 million in the year-ago period, including minority shareholders' rights.