Ajyad Knowledge Company for Education and Training, Al Bawani Company Limited and Tatweer Buildings Company (TBC) have achieved the financial close for the first wave (Wave 1) of the Schools Infrastructure Development Programme, the pathfinder project for Kingdom’s Educational Public-Private Partnership (PPP) Programme.

The successful financial close of the Wave 1 Schools project marks the first social infrastructure PPP in the Kingdom and supports the goals of Saudi Vision 2030 to diversify and improve the education sector. The senior debt and equity bridge loan facilities to the project were provided by Saudi British Bank, Banque Saudi Fransi, Alinma Bank and Riyad Bank. 

The private sector will finance, design, build, maintain, and transfer back to the government the Wave 1 Schools project, consisting of 60 schools in Jeddah and Makkah. The total capital value of the project is circa SAR 86 million (US$ 22.91 million). The project is expected to be operational within 3 years and will benefit more than 50,000 students across the two cities.