Hundred model international schools will be established in Jeddah, Riyadh, Dammam and other populated Saudi cities within the next few years as part of a major educational project involving SR5 billion investment, said Dr. Mansour Al-Khunaizan, chairman of the National Committee for Higher and International Education at the Council of Saudi Chambers. "A partnership of educational, real estate and financial organizations has been created for the purpose," Al-Khunaizan told Al-Madina Arabic daily, adding that the move was also aimed at saving some 3,000 small and medium schools that face closure. The project's first phase will witness construction of 50 schools in Riyadh, Jeddah and Dammam this year. "These schools will provide modern education to 100,000 students and create job opportunities for 10,000 male and female teachers," he said, adding that the project will cost SR2 billion while investors will receive a profit of SR350 million annually, which is 15 percent of the capital. In addition rental agreements will be signed for 20 years. "We expect the capital investment will be retained within 5 years," Al-Khunaizan said, while highlighting the project's economic feasibility. Fifty more schools will be established in other densely populated cities in the Kingdom's northern and southern regions in the second phase. Walid Bin Abdullah Saeedan, CEO of Abdullah Bin Mohammed Saeedan & Sons, signed the partnership agreement on behalf of real estate firms while Yahya Al-Sulaiman, CEO of Saudi-American Schools, inked it on behalf of international schools. As per the agreement, land and finance would be provided to establish 50 schools in the first phase. He said this project would save 500 schools from a total of 3,000 international schools that face closure in 2019 as they have failed to meet conditions of Education Ministry. These schools represent 80 percent of private schools in the country, he added.
