JEDDAH, 7 August — The General Investment Authority (GIA) is holding talks with potential Saudi and foreign investors who may be interested in building two new universities, Al-Jazirah Arabic newspaper reported yesterday quoting a GIA statement.
“The negotiations have not yet been completed,” the statement added.
The GIA disclosure comes following the Council of Ministers’ disclosure last week that it had approved the establishment of two private universities in the Kingdom for the first time.
It emphasized the confidence shown by major international companies in the Saudi economy that was reflected in their investment in the country.
Four American companies have meanwhile offered to build 3,000 modern schools in various parts of the Kingdom at an estimated cost of SR13 billion.
“The project, the biggest of its kind in the Arab region, will encourage businessmen to invest in this viable area,” the Saudi Press Agency said.
In a separate development, the GIA has given license to the British Zincs Resources Company to produce 100,000 tons of high quality zinc.
The project will require a capital investment of SR958 million ($255.46 million).
The authority said the British company would also establish a water purification plant and an electricity generating plant as part of the overall zinc project.
The GIA has already issued 91 licenses to both local and foreign companies to establish projects worth SR30.496 billion, with foreign capital accounting for 93.6 percent or SR28.559 billion.
