PIF and JLL announced JLL is acquiring a significant stake in the Saudi Facility Management Company (FMTECH), a PIF company.
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.
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.
