Riyadh, Saudi Arabia— Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has announced an investment of $1.3 billion by way of minority stakes in four leading Saudi construction companies.
The companies are Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
The investment will contribute to enabling the construction services sector and improving local supply chains for current and future projects in Saudi Arabia as part of further developing the country’s construction ecosystem, the Fund said.
The four companies in which PIF has invested have built a successful track record in executing and managing complex large-scale projects across multiple sectors in various regions of Saudi Arabia, the PIF added.
Leveraging its global reach, PIF will enable the four companies to develop regional and international partnerships, which will help increase the adoption of the latest technologies and the transfer of knowledge from global EPC (engineering, procurement, and construction) companies.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “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.”