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| GEMS Education and Hassana Investment Company |
GEMS Education and Hassana Investment Company –
a Saudi asset management firm that is part of the General Organization for
Social Insurance – have penned an $800 million deal to build a network of new
schools across the kingdom.
According to a statement, the joint venture is
a first of its kind in Saudi Arabia and “will open up the Saudi education
sector to foreign investment.”
The partnership was announced on the sidelines
of the Future Investment Initiative (FII) conference in Riyadh. Officials said
the educational network will be able to accommodate up to 130,000 students and
create jobs for 16,000 people, around 40 per cent
of whom are expected to be Saudi nationals.
“This partnership is driven by our view that
the education market in Saudi Arabia is one of the most attractive growth
markets over the long term,” Hassana
chief executive Saad Al-Fadhli said.
“Both partners expect to create a strong and
successful education platform in Saudi Arabia.”
Additionally, GEMS KSA CEO Majed Al Mutairi
said that the company is a “strong supporter of Saudi Arabia’s Vision 2030.”
“The Vision’s focus on opening up public
service sectors such as education highlights a commitment to developing human capital and allowing the
private sector to enable long-term positive change for Saudi citizens,” he
said.
Al Mutairi added that “the education sector,
acknowledged as a major catalyst for change, will help create a new generation
of Saudi citizens with a global perspective that is strongly rooted in the
Kingdom’s culture.”
At the FII conference, the Saudi Arabian
General Investment Authority (SAGIA) also announced a series of MoUs worth $2.4
billion, including a $1.6 billion deal between NMC Health and Hassana to develop
medical facilities in Saudi Arabia.
The joint venture will become one of the
largest private healthcare operators in Saudi Arabia and is expected to employ
up to 10,000 employees over the next five years.
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