According to Al-Iqtisadiya newspaper, A joint team between the Ministry of Education and the Ministry of Commerce and Investment has finished articulating the terms and conditions to grant licenses to international universities and entitling them to enter the Saudi market and invest therein.
Dr. Ayed Al-Otaibi; the Deputy Governor of the Investment Authority for Investment Environment’s Development, has revealed to Al-Iqtisadiya newspaper that a close collaboration has taken place in the recent period with the Ministry of Education, and that together they have agreed on the mechanism of issuing licenses, according to specific criteria purposing to attract international and prominent universities, which would emphasize the investments of the private sector in the fields of education, training, and human resources development in the Kingdom.
Dr. Otaibi has added, after attending “Iktifaa” forum, held by Aramco Saudi Arabia, that soon the terms and conditions will be announced, and applications will be accepted.
In the preliminary session of the forum Fr. Otaibi has displayed the most significant steps and measurements taken by the Kingdom recently, in order to facilitate and the establishment of investment projects in the region and the big movement to update legislation and procedures pertinent to investment.
The Saudi Arabian General Investment Authority has recently confirmed that the Kingdom will allow foreign investors to have full ownership of companies within the sectors of health and education, which is deemed the most recent step, so far, taken by the Kingdom to remove restrictions on foreign entities, which were formerly required to have a Saudi partner.
The Kingdom of Saudi Arabia is endeavoring to diversify its economic resources, and limit its dependence on oil, and hence it has launched a privatization program whose revenues are expected to exceed $ 200,000,000,000.00. These efforts to diminish restrictions on foreign ownership were also inclusive of opening wholesale and retail markets in 2015.