A group of education, real estate and finance firms are planning to invest SAR5bn ($1.33bn) to establish 100 international schools in Saudi Arabia over the next five years, according to reports.
Local newspaper Al-Madina cited Dr Mansour Al-Khunaizan, chairman of the National Committee for Higher and International Education at the Council of Saudi Chambers, as confirming the plans.
He was quoted as saying the schools would provide education to 100,000 students and create jobs for 10,000 teachers.
Under the plans, the group also hopes to save 500 of a total of 3,000 small and medium international schools that face closure in 2019 for failing to meet Ministry of Education conditions.
The project is expected to cost SAR2bn, with investors receiving a profit of 15 per cent of the capital annually or SAR350m through 20-year rental leases.
Al-Khunaizan said he expected the investment to be retained within five years.
The first phase this year will see land and finance provided to build 50 schools in Damman, Jeddah and Riyadh this year, while a second phase will establish 50 more schools in other densely populated cities.
The education firms are said to include Saudi-American Schools and the real estate firms Abdullah Bin Mohammed Saeedan & Sons.
Last year the Saudi government announced plans to make 2,000 schools independent to cut costs.