Government to pay 50% college fee for Saudi students

RIYADH: The Council of Ministers on Monday expressed its delight over the high rating received by Saudi Arabia from the global rating agency, Fitch, saying the rating reflected the strength of the Kingdom’s economy and the good management of its foreign investment.

In a recent report, the New York-based Fitch Ratings affirmed Saudi Arabia’s long-term local and foreign currency issuer default ratings (IDRs) at “AA-”, both with stable outlooks. The country ceiling is affirmed at “AA” and the short-term foreign currency IDR at “F1+”.

“The Fitch ratings came, despite global financial problems, as a result of the wise financial and monetary policies adopted by the government under the leadership of Custodian of the Two Holy Mosques King Abdullah,” the Cabinet said.

Spelling out other Cabinet decisions, Culture and Information Minister Abdul Aziz Khoja said the government would pay 50 percent of tuition fees for Saudis studying at private colleges and universities inside the Kingdom.

“This concession will be available for five years from the date of this decision and will be reviewed later by the Ministry of Finance and the Ministry of Higher Education,” Khoja said.

The decision was taken to encourage Saudi students to enroll in private colleges and parallel education facilities inside the Kingdom rather than opting for those in other Arab countries.

Students who intend to get the benefit of registering with the foreign scholarship program should get admission to private Arab colleges and universities that have signed agreements with the Higher Education Ministry.

The Cabinet instructed public and private colleges in the Kingdom to accommodate the maximum number of Saudi students.

It also decided to establish diplomatic relations with Cambodia. Foreign Minister Prince Saud Al-Faisal has been assigned to sign the protocols for the purpose. Prince Saud will hold talks with his Qatari counterpart to sign an agreement for diplomatic and consular cooperation, Khoja said, adding that the Cabinet had approved another agreement with Qatar for political consultation and coordination between the two foreign ministries.

The Cabinet endorsed an agreement with Turkey for cooperation in sports and youth affairs.

Earlier, King Abdullah briefed the ministers on the outcome of his talks with Syrian President Bashar Assad, Malaysian Prime Minister Najib Abdul Razak, Danish Crown Prince Frederik and Chinese Foreign Minister Yang Jiechi.

The Cabinet extended its condolences to the government and people of Haiti over the death and destruction caused by the recent massive earthquake in the country.