Gems Education and Hassana Investment company, the arm of Saudi Arabia’s General Organisation for Social Insurance have signed a partnership to invest up to $800 million over the next decade to acquire and develop schools in the kingdom.
The agreement will provide places for up to 130,000 students and create employment opportunities for 16,000 people, 40 per cent of which will be Saudi citizens, Saudi Arabia’s media office said in a statement late Wednesday.
The partnership, which includes the acquisition and upgrading of existing schools and construction of new facilities, was signed on the side lines of the Future Investment Initiative summit that ends in Riyadh on Thursday.
“Gems Education, which is among the world’s oldest and largest K-12 private education providers, is a strong supporter of Saudi Arabia’s Vision 2030,” said Gems chief executive Majed Al Mutairi.
“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.”
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Under Vision 2030, the kingdom is looking for greater involvement of the private sector in developing its education industry, which is growing at a rapid pace.
In Saudi Arabia, the total number of students is forecast to grow at an annual rate of 3.5 per cent to 11 million by 2020 from an estimated 9.2 million in 2015, according to a 2016 report from Dubai-based investment bank Alpen Capital. The education sector is thriving due to the rising school and college age population, high per capita income, and surging demand for quality education.
Saudi Arabia’s education sector is the largest in the region, accounting for three-quarters of total enrolments in 2014.
Saudi Arabia has more than 37,000 schools, 25 public universities with over 500 colleges, more than 65 private colleges, and several technical colleges, the report added.
“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,” said Saad Al Fadhli, chief executive of Hassana.
“Benefiting from Hassana’s role as a long-term, financial and strategic institutional investor and Gems’ international expertise, both partners expect to create a strong, innovative and successful education platform in Saudi Arabia.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
UAE currency: the story behind the money in your pockets
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
