DHAHRAN: Al Rushaid Group, one of the leading companies in the Saudi Arabia, announced Monday that its wholly-owned subsidiary, Al Rushaid Petroleum Investment Company (ARPIC) has entered into a shareholder agreement with Raffles Education Middle East Ltd., in the formation of a joint venture company by the name Raffles Education Middle East Group Limited (REMEG), to be operated under the laws & regulations of the Kingdom. Under the terms of the agreement, REMEG will be incorporated for the purposes of providing education services in certain countries across the Middle East including establishing and operating universities, institutes and training centers, pre-school, kindergarten, primary and secondary schools as well as the provision of professional training and education related consultancy services. REMEG is to be incorporated with a planned investment of SR300,000,000 over a five year period, starting in Riyadh and spreading across the Middle East. The joint venture is a major step toward enabling expertise in the Kingdom, in line with the recently announced plans of the Government of Saudi Arabia to intensify the Saudization of jobs in the private sector as part of its efforts to create job opportunities for the youth. Sheikh Abdullah Al Rushaid, Chairman, Al Rushaid Group, said: "As a group, Al Rushaid has already emphasized its commitment to the country by investing locally with leading international companies and institutions and bringing world-class expertise and specialized services to Saudi Arabia. Our capital investments and industrial units in the Kingdom have contributed significantly in creating jobs, local know-how and enhanced technological and manufacturing capabilities among Saudi nationals. " Dr. Wafa Al Rushaid, CEO of REMEG, said: "We fully support the initiatives of King Abdullah, Custodian of the Two Holy Mosques, toward promoting the skills and abilities of local talent. We are committed not to only boost our Saudization levels, but also will provide impetus to the Saudization plan by offering quality education and training to enable Saudis to obtain pivotal positions in engineering, design, technical, and hospitality. This should result in promising positions and careers. Of course, it will ensure a continuous flow of talent, not only in our Group but also across the Kingdom." Al Rushaid Group focuses on innovation and development of Human Resources, which complements the company's continuous diversification plans. The Group's key value proposition is to transfer and deploy technology in energy and information technology industries to Saudi Arabia and the region.
