Saudi Arabia’s Cabinet has approved a SAR400m ($106.59m) annual budget to build new schools in the kingdom in partnership with the private sector.
The plans follow the announcement last year that the kingdom would allow 100 per cent foreign ownership in the health and education sectors.
Schools were also confirmed as a key part of a privatisation plan announced in April.
The Cabinet on Tuesday approved the “implementation of construction, maintenance and transference process” for schools.
Under the plans, 120 schools are to be built with private sector partners in the main regions of the kingdom over a period not exceeding 28 years.
“The Ministry of Education shall conclude all contracts, in addition to agreements on leasing educational units in the main regions of the kingdom for a period not exceeding 30 years, regardless that those agreements are concluded with real estate’s development companies or otherwise,” Saudi Press Agency reported.
Authorities previously said in May they would handover 25 state-run schools to the private sector