Authorities announced on Tuesday that Saudi Arabia would transfer 25 state schools into the hands of the private sector as a part of the economic reforms.
Last week, Riyadh announced that they aim to generate 35-40 billion riyals from the privatization plan by 2020. An official overseeing the project announced that some of the first deals in this plan come from schools.
In January, the ministry released a tender for a long term concession to design, build, finance and maintain 60 facilities in Jeddah and Mecca to be used as schools, from kindergarten to secondary school.
Previously, the government would build schools out of their own funds, however, the drop in oil prices prompted government to seek investors from the private sector.