UAE’s GEMS, Hassana Investment Company team up to build schools in Saudi

UAE-based GEMS Education and Hassana Investment Company, the Saudi asset management arm of the General Organization for Social Insurance (GOSI), have signed an agreement to develop a network of schools across the Kingdom, a statement said on Wednesday.

Suliman Abdulrahman Al-Gwaiz, GOSI Governor and Saad Al-Fadhli, Hassana CEO, together with Sunny Varkey, GEMS Founding Chairman and Dino Varkey, GEMS Group CEO, signed the MOU on the sidelines of the Future Investment Initiative in Riyadh.

The partnership will target investments of up to $800 million over the next decade. At capacity, the network of schools will provide places for up to 130,000 students and employment opportunities for 16,000 people, of which approximately 40 percent will be Saudi citizens, the statement added.