Algonquin estimates $6.2M in losses from Saudi Arabian campus

June 16, 2017

Algonquin College says that its Saudi Arabia campus has lost $6.2M in operating losses and costs associated with leaving its current deal, reports CBC. Last August, Algonquin transferred ownership of the Jazan College to British company Interserve Learning and Employment. As a result, more than half of Algonquin's overall loss is associated with the college's exiting the deal. Doug Wotherspoon, Algonquin’s vice-president of innovation and strategy, said the $3.7M could still rise as final payments for items such as insurance and electricity are still being negotiated. He added that Algonquin has paid all of its approximately 100 employees for outstanding money owed. CBC