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Saudi Arabia signs memorandum worth $800 mln in education sector

Published: Updated:

The company handling investments for the General Organization for Social Insurance in Saudi Arabia, Hassana, has signed on Wednesday a memorandum worth three billion Saudi riyals ($800 million), with GEMS Education group.

The memorandum was sponsored by the Saudi General Investment Authority and the Ministry of Education, and it will establish and develop schools for 130 thousand students, and will create 16 thousand job opportunities in the next ten years.

This memorandum is the first of its kind in the Kingdom of Saudi Arabia, and it is within the “Invest in Saudi Arabia” initiative, which was launched as part of the National Transformation program along the goals of the kindgom’s vision 2030.

The initiative states that the Saudi General Investment Authority coordinates with all public and private sectors in the kingdom to achieve its goals of raising awareness about investments in Saudi Arabia, and marketing the investment opportunities in all sectors for international, regional, or local investors.