Friday 29 March 2024
 
»
 
»
Story

Saudi Arabia eyes PPPs for school projects

RIYADH, December 14, 2016

Saudi Arabia's education ministry has announced plans to launch a partnership initiative with the private sector to promote development of school buildings and infrastructure across the kingdom.

The public-private partnership (PPP) plan is part of a wider initiative to support the kingdom’s Vision 2030 strategy and provide exciting opportunities for investment by private companies in this sector, said experts ahead of a major conference in Riyadh.

The Investment and  Finance in Educational Buildings Conference will be held at the Ministry of Education’s headquarters in Riyadh from January 10 to 11.

The summit will see experts focus on new funding initiatives, including PPP models, investment opportunities and financing options, said Tatweer Building Company CEO Fahad Al Hammad.

The upcoming event will facilitate the involvement of investors, developers, suppliers and consultants from the construction, education and real estate sectors both at home and abroad together with banks, financial institutions, researchers and private education institutions to discuss how the industry can move forward as one to meet the vision set out by Saudi Arabia’s Vision 2030.

One of the key goals of Saudi Arabia’s Vision 2030 strategy is to promote the development of the kingdom’s education sector and to upgrade its infrastructure," stated Al Hammad.

For Tatweer Buildings Company, this conference provides a unique opportunity to discuss the role that it will be playing to promote and fulfill the kingdom’s Vision 2030, remarked Al Hammad.

“The conference’s most important topics will include sessions on financial mechanisms related to land-lease building (LLB), build maintain and transfer (BMT), public-private partnership (PPP) models for the private education sector, and asset investment vehicles,” he added.

"As a partner with the ministry, Tatweer has benefited greatly from our work in preparing for and creating this initiative. We have employed international experts in the fields of construction and financing, with whom we have undertaken 10 research studies and reviewed 30 different mechanisms in order to promote public-private partnerships for the development of educational infrastructure," he noted.

According to him, the ministry’s aim is to markedly improve the time it takes to build high-quality buildings designed specifically for educational purposes.

"Today, Tatweer Buildings Company is implementing over 590 real estate projects for the education sector, of which 117 have been completed and are ready for use," he added.

Dr Saad bin Saud Al Fuhaid, the undersecretary to the Minister of Education for Private Education, said: "We are committed to strengthening our partnership with the private sector, so that we have the capacity to deliver the educational infrastructure the country needs."

"This event’s timing is important, as we want to highlight the investment opportunities in the private education industry which is expanding rapidly," he stated.

"We would like to see the private sector more involved in this growth, to support our aspiration for higher quality buildings and infrastructure which is in line with our policy of licensing buildings for educational purposes," noted Dr Al Fuhaid.

Yunus Bin Omar Al Barrak, the undersecretary to the Minister of Education for Infrastructure, said building and maintaining  of infrastructure and facilities specifically designed for education will help improve the quality offered as well as reduce operating costs.

"This initiative will reduce the cost to the state while also providing the private sector with investment opportunities. We will also be able to rapidly boost the capacity for producing purpose-made education buildings and do away with the need to rent infrastructure that is not designed for this purpose," he added.-TradeArabia News Service




Tags: Saudi Arabia | Ministry | School projects |

More Construction & Real Estate Stories

calendarCalendar of Events

Ads