RIYADH, 9 May — The Education Utilities Development Company (EUDC) will use raw materials produced by national companies for the construction of the 3,000 schools it has agreed to build, a source at the company said recently.
The EUDC has been granted license to build and finance the educational buildings in the Kingdom. It has been set up by a consortium of several US companies, and will depend on Saudi companies and contractors to execute various phases of the contract. The contract is to be financed and operated on the Build, Operate and Transfer system after the approval of the Education Ministry.
The company source also underscored the positive impact the project would have on the Saudi economy. EUDC would depend on Saudi manpower, expertise and raw material. The General Investment Authority, as part of its policy to attract foreign investments, granted license to an American consortium late last month at a total investment of SR13 billion, the largest since the Kingdom opened its doors to foreign investments.
With this move GIA also expected to contribute substantially to expand educational facilities in the Kingdom apart from building confidence in foreign companies to invest in the Kingdom.
(Al-Eqtisadiah)
