Saudi Sovereign Wealth Fund Invests $1.3 Billion in Construction Companies
Posted on 02/14/2023
Saudi Arabia’s Public Investment Fund (PIF) invested US$ 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 enable the construction services sector to scale up capacity, expand capabilities, stimulate growth, drive the adoption of advanced technologies and improve local supply chains for current and future projects in Saudi Arabia. The companies’ partnerships with PIF will support the regional and international expansion of their operations and businesses.
The investments will help increase private sector local content, contribute to growing Saudi Arabia’s gross domestic product (GDP), enhance supply chains and increase the construction services sector’s competitiveness. Additionally, PIF’s investment aims to unlock the sector’s capabilities by scaling up capacity, expanding capabilities as well as creating investment opportunities for the local private sector in current and future projects. Leveraging its global reach, PIF will enable the four companies to develop regional and international partnerships, which will help increase the adoption of the latest technologies and the transfer of knowledge from global EPC (engineering, procurement, and construction) companies.
Abdulaziz Al Turki is the Chairman of Nesma & Partners Contracting Company Limited. Nesma & Partners was established in 1981 as “Nesma & Al Fadl” as a general building contractor.
Khaled El Seif is the Chairman of El Seif Engineering Contracting Company.
Fakher AlShawaf is the Chairman of AlBawani Holding Company. Albawani Company was formed in 1991.
Youssef Nehme Tohme is the Chairman of Almabani General Contractors Company.