Riyadh: Education group GEMS Education and a Saudi Arabian state investment firm have agreed to invest up to $800 million (Dh2.9 billion) over the next 10 years to develop a network of schools there. GEMS, majority-owned by the Dubai-based Varkey Group and backed by Blackstone, has a partnership with Hassana Investment Co. The network will accommodate up to 130,000 students and create jobs for 16,000 people, of which approximately 40 per cent will be Saudi citizens. The partnership would both build new schools and upgrade existing ones.