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 SAR5bn (USD1.33bn) investment, said Dr. Mansour Al-Khunaizan, Chairman of the National Committee for Higher and International Education at the Council of Saudi Chambers. A partnership agreement between educational, real estate and financial organisations has been created, under which land and finance would be provided in the first phase. The phase will witness the construction of 50 schools in Riyadh, Jeddah and Dammam this year, providing education to 100,000 students and creating job opportunities for 10,000 teachers. It will cost SAR2bn, while investors will receive profit of SAR350mn annually (15% of the capital) and rental agreements for 20 years. “We expect the capital investment will be retained within 5 years,” he said. The move was also aimed at saving c3,000 small and medium schools (80% of private schools) that face closure in 2019 as they have failed to meet the conditions set by the Ministry of Education. 500 schools will be saved in the first phase, he added. (The Saudi Gazette)