Public Investment Fund (PIF) launched FMTECH as an integrated national facilities management company. FMTECH was launched by PIF in 2023 as a national integrated facilities management company, serving PIF's portfolio companies, as well as the Kingdom's public and private sectors. This investment enables Jones Lang LaSalle to expand its services and capabilities in the Saudi market and further strengthens its existing strong relationship with PIF.
FMTECH will benefit from a majority stake in PIF. FMTECH will leverage Jones Lang LaSalle's global network and operational expertise to unlock new business opportunities and localize knowledge and technologies. By integrating with Jones Lang LaSalle's advanced digital facility management platforms, FMTECH will be able to enhance its service quality, efficiency and transparency across its operations, delivering long-term improvements in customer value.
FMTECH is also aligned with Jones Lang LaSalle's investment in Saudi Arabia. The transaction is also in line with PIF's strategy to increase private sector investments from local and international investors in its companies to help unlock their full potential, and the Fund will continue to achieve its objectives of driving the Kingdom's economic transformation and generating sustainable returns.
<Saad Al-Karoud, Head of the General Department of Local Real Estate Investments at the Public Investment Fund, said: “Facilities Management is one of the key enablers of the Kingdom's real estate and infrastructure sector, as well as the Fund's strategy in the local real estate sector, which is driving the strengthening and diversification of the local economy, driving urban innovation, and improving the quality of life in the Kingdom.”
Jones Lang LaSalle's investment contributes to the development of Saudi Facilities Management Company and opens new opportunities for growth to benefit the entire sector."
Jones Lang LaSalle's investment is a significant step forward for the company. <Neil Murray, CEO of Jones Lang LaSalle's Property Management, said: ”Through this investment, we will combine the best of Jones Lang LaSalle's operational capabilities and leading technologies with FMTECH's local market expertise to deliver exceptional services in the fast-growing Saudi Arabian market."
Neil Murray, CEO of Property Management Services at Jones Lang LaSalle, said.
