Saudi Arabia’s Education Ministry pumps $500m into public school projects

1 / 2
SR500 million will be spent on building education “complexes.” (Photos/ Supplied)
2 / 2
SR500 million will be spent on building education “complexes.” (Photos/ Supplied)
Updated 24 May 2019
0

Saudi Arabia’s Education Ministry pumps $500m into public school projects

  • 30 institutions for students in Dammam, Jeddah and Riyadh will be built

RIYADH: Saudi Arabia is spending more than $500 million on building education “complexes” that will serve 90,000 students in major urban centers.

The Education Ministry, represented by the government-owned Tatweer Buildings Co., on Tuesday, signed an agreement with Al-Mabani Real Estate Co. to build 30 institutions for students in Dammam, Jeddah and Riyadh.

The agreements include a short-term plan to establish 10 complexes across the three cities with a combined intake of 30,000 students. These will cost around SR800 million ($213 million) and are expected to be completed in 2022. There is also a long-term plan to set up 20 complexes for 60,000 students costing SR600 million. The complexes will be at locations approved by local authorities. 

FASTFACT

 

•The education complexes will serve the needs of 90,000 students in the Kingdom.

•Initially, 10 complexes will be built in Dammam, Jeddah and Riyadh at a cost of SR800 million.

•The first phase will be completed in 2022.

•In the later phase, 20 more complexes are planned at a cost of SR600 million.

Tatweer CEO Fahd Al-Hammad said the agreement represented opportunities for investors interested in building and operating high-quality education infrastructure with “state-of-the-art designs.”

Al-Mabani’s managing director, Abdulrahman Al-Ahmed, said the agreement supported the ministry’s strategy to develop the public sector schools environment through the establishment of complexes.

The agreement was signed under the patronage of Undersecretary of the Minister of Education Dr. Saad Al-Fuhaid and in the presence of Mohammed bin Eid Al-Otaibi, director general of education at the ministry.

Earlier this year, Education Minister Dr. Hamad bin Mohammed Al-Asheikh said Saudi Arabia was making efforts to improve the quality of its education sector’s infrastructure by encouraging public-private partnerships.


High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 18 June 2019
0

High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.