Saudi Arabia will allow foreign investors to take 100 percent ownership of companies in its health and education sectors, the head of the kingdom’s investment authority told. It is the latest move by the country to gradually ease ownership restrictions on foreign firms, which have previously been required to set up a joint venture with a local partner.

The spokesman of the Ministry of Education, Moubarak Al-Asseimy, revealed that the ministry aims to raise the quality of education in the Kingdom’s schools, following a decree it issued during Hajj 2017 to grant rented schools a two-years extension before it closes them in case they do not meet the regulatory conditions.