The al-Motaqadimah Schools Company (MSC) in Saudi Arabia plans to exapnd and go public by the end of this year, its CEO told Argaam financial website, days after signing deals with the Saudi Arabian General Investment Authority (SAGIA) and Tatweer Buildings Company (TBC) worth $773 mln.
“MSC aims to have 60 educational complexes in the next three years and raise the private education’s market share in the Kingdom to 25 percent in line with Saud Vision 2030,” MSC Chairman Abdelrahman al-Haqbani said in his interview with Argaam.
“Cash flows and operating efficiency are strong. The company’s returns are the highest among peers. It also has the largest market share in the Kingdom,” al-Haqbani added.
MSC currently owns 24 educational complexes and operates and manages five other schools.
The announcement comes on the heels of MSC’s deal with SAGIA through the “Invest Saudi” platform. The agreements in the field of private education with a total value of 2.9 billion riyals, which includes a cooperation agreement with the Tatweer Buildings Company to build, operate and maintain 58 educational complexes in the Kingdom, for three academic years, and with a capacity of educating up to 70,000 students, contributing to the creation of 5,000 jobs.
In its announcement of this year’s budget, Saudi Arabia said it will be allocating around $51.73 billion toward education and human resource development in 2020.