January 10, 2017 / 10:55 AM / 6 months ago

HSBC to advise Saudi on privatising management of school buildings

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RIYADH, Jan 10 (Reuters) - 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 ministry.

"This will minimise government burdens, as the private sector will take over building, maintenance and operation." (Reporting by Katie Paul; Editing by Andrew Torchia)

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