RIYADH Jan 10 Saudi Arabia has hired HSBC
as a financial advisor for its plans to privatise
construction and management of school buildings, as it seeks to
cut state spending in an era of low oil prices, a Saudi
executive told Reuters on Tuesday.
Tatweer Buildings Co, a state-owned firm affiliated with the
Ministry of Education, aims to begin offering public-private
partnerships for school buildings this year, said Fahad
al-Hammad, the company's chief executive.
"We aim to boost private sector participation in providing
educational buildings, which is a model implemented worldwide,"
he said on the sidelines of an investment conference at the
"This will minimise government burdens, as the private
sector will take over building, maintenance and operation."
(Reporting by Katie Paul; Editing by Andrew Torchia)