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FinancialNews
15-02-23
Saudi Arabia’s PIF makes USD1.3B value of investment in four domestic building firms
(MENAFN) Saudi Arabia’s sovereign wealth fund has put its money in an overall of USD1.3 billion value of investment in four domestic construction firms, as part of the fund’s capital increase initiatives.
The Public Investment Fund has obtained shares in Nesma & Partners Contracting Co., El Seif Engineering Contracting Co., AlBawani Holding Co., in addition to Almabani General Contractors Co., as said in a press release.
These additional deals are part of PIF’s plan to back and enable vital planned industries in Saudi Arabia, along with the targets highlighted in Vision 2030, the Fund mentioned in an announcement.
It additionally pointed out that these funds are going to allow the building facilities industries to scale up volume, grow capabilities, stimulate expansion, encourage the adoption of higher quality technologies and develop local supply chains for present and future ventures in the Kingdom.
“These partnerships demonstrate PIF’s commitment to unlocking the capabilities of key strategic sectors in Saudi Arabia, including the construction & building components and services sector, which has been identified as one of 13 strategic sectors locally,” according to Yazeed A Al-Humied, deputy chief and CEO of MENA Investments at PIF.
MENAFN15022023000045014228ID1105575894
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