Public Investment Fund, announced today, Tuesday, an investment of up to SAR 5 billion, through a capital increase representing minority stakes in four leading national companies operating in the field of construction services, namely: “Nesma & Partners Contracting Company, Seef Engineers Contractors Company, Al Bawani Holding Company, and Al Banani General Contractors Company, which will contribute to empowering the construction services sector, strengthening local supply chains and supplying various current and future projects in the Kingdom.
According to the company's strategy, Nesma & Partners Contracting Company will subscribe to a total of SAR 5 billion in new shares through a capital increase representing minority stakes in four leading national construction services companies. In line with the companies” business development strategies, the four companies have a long track record of achievements and successes in managing and implementing several large-scale projects across multiple sectors in different regions of the Kingdom, and their partnership with the Fund will support the companies” efforts to expand their operations and businesses regionally and internationally.
These investments will contribute to enabling the construction services sector, strengthening local supply chains and supplying various current and future projects in the Kingdom. These investments will contribute to increasing local content, increasing the Kingdom's GDP, strengthening supply chains by increasing the competitiveness of the construction services sector, increasing its production capacity and developing its capabilities, as well as creating additional opportunities for the local private sector to participate in the implementation of development work for current and future projects.
Due to the location of the project, the Fund will support the companies” efforts to expand their operations and business regionally and internationally.
Given the Fund's international standing, the Fund will enable companies to develop regional and international relationships in the sector to increase reliance on new technologies in construction and transfer knowledge to the local market.
Deputy Governor said. <”This partnership underscores PIF's commitment to enabling the growth and development of strategic sectors in the Kingdom, where the building materials and services sector is one of 13 strategic sectors that PIF is targeting to focus on locally,” said Yazeed Al Hameed, Deputy Governor and Head of the General Department of Middle East and North Africa Investments at Public Investment Fund . <He explained that the Fund's investment in these leading national companies contributes to expanding local capabilities in the construction services sector, enhancing private sector participation and investment to meet current and future demand in this vital sector in line with the objectives of Saudi Vision 2030. "We have always been committed to building excellence by being a sustainable national company operating for more than 40 years in harmony with the local community and the environment while maintaining the highest international standards to further impact the local economy, and we welcome the partnership of <a style="color: #993300;" href="https://amlak.The Public Investment Fund, and we are proud to cooperate with it to contribute to achieving the goals of developing and diversifying the local economy, as this partnership will contribute to strengthening our position as a leading contracting company in the Kingdom in line with the goals of the Saudi Vision 2030."
The Chairman of the Board of Directors of the Public Investment Fund said: ”This partnership will help us strengthen our position as a leading contracting company in the Kingdom in line with the goals of Saudi Vision 2030. ”The construction services sector has a long track record of executing large and ambitious projects, and we are pleased to welcome the Public Investment Fund as a partner in the company to expand our activities over the coming years. These investments will support the growth and development of the sector, increase production capacity and local content to allow us to execute large and world-leading projects, and provide us with support as we look to be the leading construction company in our sectors.”
The Chairman of Seef Engineers & Contractors said: ”We are pleased to welcome the Public Investment Fund as a partner in the company to expand our activities over the coming years. <Fakhar Al Shawaf, Chairman of Al Bawani Holding, said: “The partnership with PIF represents an exceptional opportunity to leverage the Fund's expertise and experience to implement our strategy to transform into a leading diversified group in the region by providing the best value to our customers, investors, employees and the wider community. The construction services sector is important to the Saudi economy, and we believe that the Fund's contribution to this sector will provide support to realize the Kingdom's vision and implement its ambitious projects.”
Fakhar Al Shawaf, Chairman of Al Bawani Holding, said: "We look forward to becoming a leading construction company in our sectors. <Mr. Youssef Toameh, Chairman of Albanian General Contractors, said: "We look forward to cooperating with the Public Investment Fund: "We look forward to collaborating with PIF to build projects that contribute to the welfare of the community and play a pivotal role in realizing the goals of Saudi Vision 2030. The Kingdom aims to enhance the role of the private sector in the local economy, and this investment will certainly support the ability of private sector companies to provide key services."
