RIYADH, 11 May 2005 — A research team from the Riyadh Chamber of Commerce & Industry (RCCI) has started collecting preliminary information on over 300 private schools as part of the chamber’s initiative to set up database on such schools and identify more investment opportunities in the education sector.
The private-sector initiative is moving in tandem with an ambitious plan of the Ministry of Education which will invest SR15 billion for the construction of 4,000 schools for boys and girls all over the Kingdom over the next 10 years. This is to extend equal educational opportunities to Saudi youth and raise the quality of the educational program.
Referring to the RCCI plan, Hussein Al-Athel, the chamber’s secretary-general, said the proposed database provide complete info on investment opportunities in the education sector to help prospective investors make informed choices.
He renewed his call to all the schools which have not yet sent in the information to expedite it as soon as possible on Telephone Nos: 4124434/10 or Fax 4124474. He said there will be project reports on individual schools to guide the investors. This will be in addition to CDs containing comprehensive data on all private schools in the capital.
Meanwhile, the women’s center at the Saudi Arabian General Investment Authority (SAGIA) believes that Saudi women can play a significant role in the private sector, since it is estimated that Saudi women control approximately $6 billion in untapped bank reserves. Of the approximately $800 billion in Saudi funds invested abroad, a significant amount is believed to be controlled by women.
Part of these funds has started flowing into the education sector under the Kingdom’s privatization program, with government tenders floated for the construction of 400 boys and girls schools. They will be financed by the private sector under the BOT (build, operate and transfer) scheme. Curriculum books of the Ministry of Education have also been printed with private sector financing, according to the SAGIA study.
According to SAGIA, there are other activities that can be privatized in the education sector such as constructing schools and providing them with furniture and appliances; maintenance of schools of the Ministry of Education; privatization of Saudi schools abroad, and of colleges facilities, such as playgrounds, swimming pools, laboratories and canteens. These facilities are leased to the private sector and their proceeds may be utilized for spending on necessary maintenance works at colleges and for the provision of certain educational requirements and supplies.
