Algonquin to withdraw from Saudi Arabia campus

August 15, 2016

Algonquin College has announced that it will transfer responsibility of its Saudi Arabia campus back to one of the country's educational authorities. Algonquin President Cheryl Jansen said that following a year of negotiations with the Saudi-based Colleges of Excellence, Algonquin was unable to reach an agreement that would have met its financial objectives. When the campus project was first announced, the college hoped to generate $4.4M in profits; but financial statements obtained by the Ottawa Business Journal show the campus had a net loss of $1.4M during the fiscal year that ended March 31, 2016. Algonquin’s board has directed senior administrations to take steps to begin the transfer of responsibility. Algonquin | Ottawa Business Journal | Guelph Mercury (CP)