The Public Investment Fund (PIF) has invested US$ 1.3 billion by way of subscribing to new shares as part of the capital increases in each of Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company.
The investment will allow the construction services sector in Saudi Arabia to scale up capacity, enhance capabilities, boost growth, drive advanced technology adoption, and improve local supply chains for current and future projects. The companies’ partnerships with PIF will help them expand their operations and businesses on a regional and international scale.
The companies’ partnerships with PIF will help them expand their operations and businesses on a regional and international scale
The investments will help raise private sector local content, contribute to Saudi Arabia’s GDP growth, improve supply chains, and boost the competitiveness of the construction services sector.
Furthermore, PIF’s investment seeks to unlock the industry’s potential by increasing capacity, extending capabilities, and creating investment opportunities in existing and future projects for the local private sector. PIF’s global reach will enable the four companies to form regional and international alliances, which will aid in the adoption of cutting-edge technology and the transfer of knowledge from major EPC (engineering, procurement, and construction) firms.
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