January 2018 | Kingdom of Saudi Arabia News
Rising fee of education institutes, adoption of modern teaching methods, increasing expenditure of the government on education sector and continuous development of education infrastructure are expected to drive Saudi Arabia Education Industry in the future.
The education system in the Kingdom is as per the Education Policy Document, which was issued by the Saudi Council of Ministers in 1969. Several organizations of the government also function together to regulate and enforce the laws pertaining to the education system in the country. The three major organizations that oversee the operations of education industry players in Saudi Arabia are the Ministry of Education, the Ministry of Higher Education, and the Technical and Vocational Training Corporation (TVTC).
The growing concern for quality education by the education sector in the Kingdom encouraged the government to allocate USD 51 billion for education and training during its 2016 budget. This led to the expansion of the existing players and the entrance of new players to cater the growing number of students, thereby adding to the revenues of the industry during the review period. Relaxation of regulations pertaining to investments in the country’s education sector has led to the entrance of regional and global players in the space. The Ministry of Education of the KSA is making constant efforts to invite private players, which can invest in building schools across the country. The Ministry of Education has taken initiatives to expand the education sector of the country and make people technically skilled to compete with the students across the world. Bringing in foreign teachers and trained professionals has made some of the colleges to be among the top universities in the region. From 2010 to 2014, government expenditure on vocational courses and technical training has enhanced considerably. The continuous establishments of The Colleges of Excellence (CoE) have reduced the gap between skilled labor force and unemployment in the Kingdom. CoE collaborated with a number of global partners for setting up technical colleges in the country during 2013-2015.
Ken Research announced its latest publication on “Saudi Arabia Education Industry by K-12 Education, Higher Education, Vocational Education, Teacher Training, Test Preparation, E-learning – Outlook to 2021” suggested a rapid growth of 12.3% in next 5 years in revenue of Saudi Arabia Education Industry, majorly driven by rising initiatives taken by the Ministry of Education to provide quality education by collaborating with various private players operating in the space. Increasing awareness and demand of better quality education among the population are attracting large number of potential players to enter the space.
Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com