JLL acquires stake in FMTECH to boost Saudi facilities management sector growth.
PIF and JLL announced JLL is acquiring a significant stake in the Saudi Facility Management Company (FMTECH),PIF will maintain a majority stake in FMTECH. The transaction is expected to close subject to customary closing conditions.
Launched by PIF in 2023, FMTECH is a national integrated facilities management company, serving PIF portfolio companies as well as public and private sector clients across Saudi Arabia. The investment allows JLL to expand its service capabilities in the Saudi market, while building on the existing relationship with PIF.
New commercial opportunities, localize knowledge and technologies
FMTECH will benefit from JLL’s global network and operational track record to create new commercial opportunities and localize knowledge and technologies. FMTECH will integrate JLL’s advanced digital facility management platforms and global operating systems which will enable the company to significantly elevate service quality, efficiency, and transparency across its entire delivery model, driving long-term value creation for clients.
The transaction aligns with PIF’s strategy to increase private sector investments from domestic and global investors into its companies to help unlock their full potential, while delivering on its unique mandate to drive the country’s economic transformation and deliver sustainable returns.
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, said: “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.”