Time: 17 January, 2020
- SAGIA signed a cooperation agreement with Al-Motaqadimah Schools
- SR193 billion was allocated to education in the 2020 Saudi national budget
RIYADH: Saudi investment chiefs have joined forces with a leading schools’ operator in the Kingdom to help promote investment opportunities in the education system.
The Saudi Arabian General Investment Authority (SAGIA) signed a cooperation agreement with Al-Motaqadimah Schools Co. (MSC) to develop and market opportunities for investment and work to activate them in cooperation with relevant authorities.
MSC penned investment and cooperation deals in the education sector worth SR2.9 billion ($772 million) through the “Invest in Saudi Arabia” platform.
They included a cooperation agreement with real estate developer Tatweer Buildings Co. (TBC) to construct, operate and maintain 58 educational complexes over three academic years in the Kingdom, with a capacity of 70,000 students, which would contribute to creating 5,000 jobs.
It also signed an accord with Asma Capital to establish an investment company, a cooperation agreement with Adem Capital to issue initial instruments worth SR1 billion for the Kingdom’s first services company, and a cooperation deal with Google for Education to support the Internet giant’s expansion plans in the Saudi market.
The signing of the agreements came during a ceremony organized by SAGIA at its headquarters in Riyadh, and attended by SAGIA Gov. Ibrahim Al-Omar, representatives of the companies investing in the education sector and a number of officials from relevant government bodies.
SAGIA works to invest in the education system in cooperation and integration with other relevant organizations to promote private-sector investment in the growing field of education.
According to SAGIA statistics, the total number of licenses issued in the education sector in 2019 was 100 percent more than the previous year.
SR193 billion was allocated to education in the 2020 Saudi national budget.