The Public Investment Fund (PIF) and JLL have announced that JLL is acquiring a substantial stake in the Saudi Facility Management Company (FMTECH), which is a PIF company. The PIF said it will retain a majority stake in FMTECH and noted that the transaction is expected to close subject to customary closing conditions.
FMTECH is a national integrated facilities management company that serves PIF portfolio companies, and clients from both the public and private sectors across Saudi Arabia. The investment allows JLL to expand its service capabilities in the Saudi market, while strengthening its existing relationship with the PIF.
FMTECH will benefit from JLL’s global network and operational track record, which will help it identify new commercial opportunities and localise knowledge and technologies. FMTECH will integrate JLL’s advanced digital facility management platforms and global operating systems, which will enhance service quality, efficiency, and transparency across its entire delivery model. This will ultimately drive long-term value creation for clients.
Saad Alkroud, Head of the Local Real Estate Investment at PIF said, “Facilities management is a key component of the real estate and infrastructure sector, and of PIF’s local real estate strategy, which drives economic transformation and diversification, advances urban innovation and enhances quality of life. JLL’s investment will further accelerate FMTECH’s progress and create new opportunities for growth that will benefit the sector.”
Neil Murray, CEO, Real Estate Management Services at JLL added, “With this investment, we’re combining JLL’s best-in-class operational and technological facilities management capabilities with FMTECH’s local market knowledge, to deliver exceptional service to clients in the rapidly growing Saudi market.”
The transaction aligns with PIF’s strategy to attract private sector investments from domestic and global sources into its companies. This will help unlock their full potential and deliver sustainable returns, while also fulfilling its unique mandate to drive the country’s economic transformation.
PIF and JLL announce agreement for JLL to invest in FMTECH Middle East Construction News.
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