The Saudi Arabian General Investment Authority (SAGIA) signed a cooperation agreement with Al-Motaqadimah Schools Co. (MSC) to develop and market opportunities for investment and work to activate them in cooperation with relevant authorities.
The deals in the education sector are worth SAR2.9 billion (USD772 million) through the “Invest in Saudi Arabia” platform.
The deals include a cooperation agreement with real estate developer Tatweer Buildings Co. (TBC) to construct, operate, and maintain 58 educational complexes. This is to be over three academic years in the Kingdom, with a capacity of 70,000 students. This would also contribute to creating 5,000 jobs.
It also signed an accord with Asma Capital to establish an investment company. Besides, a cooperation agreement with Adem Capital to issue initial instruments worth SAR1bn ($266mn) for the Kingdom’s first services company. Adding to a cooperation deal with Google for Education to support the Internet giant’s expansion plans in the Saudi market.
The signing of the agreements came during a ceremony organized by SAGIA at its headquarters in Riyadh. SAGIA‘s Governor Ibrahim al-Omar attended with representatives of the companies investing in the education sector. There was also number of officials from relevant government bodies.
SAGIA works to invest in the education system in cooperation and integration with other relevant organizations to promote private-sector investment in the growing field of education.
According to SAGIA statistics, the total number of licenses issued in the education sector in 2019 was 100% more than the previous year. A total of SAR193bn (around $51.5bn) was allocated to education in the 2020 Saudi national budget.