Saudi Arabia's Public Investment Fund (PIF) has formed a new company focusing on improving the operational efficiency of the facilities management sector and extending the lifespan of properties in the country, said the sovereign wealth fund Thursday.
The new entity, Saudi Facility Management Company (FMTECH), aims to provide services like utility management, energy management, waste management, maintenance, housekeeping, security, and landscaping.
According to PIF, FMTECH will cater to critical industries that support Saudi's economic growth, such as healthcare institutions, industrial facilities, entertainment destinations, aviation facilities, educational institutions, residential and shopping complexes, and business centers.
Advisory services will also be available through a unified digital platform that will collect and utilize facilities-related data, among other technologies.
This month alone, the state fund has launched three companies focusing on various fields.
It established a new investment vehicle, SRJ Sports Investments, on August 6, targeting prospects that offer unique fan engagement activities and transformative sports technology to accelerate the sports sector’s growth locally and regionally.
According to PIF, the company aims to acquire and create new sports events IP, commercial rights of prominent sports competitions, and host major global events.
On Monday, it unveiled Kayanee, a fitness and well-being company dedicated to enhancing women's health in the kingdom, which will be chaired by Princess Reema Bint Bandar. Kayanee’s main priorities will be centered around mental, physical, and social health.
Big number $776.7 billion. That’s PIF's total assets under management (AUM) as of August 10, 2023, according to the Sovereign Wealth Fund Institute (SWFI). In 2022, its AUM reportedly exceeded $594.4 billion (SAR 2.2 trillion).
Saudi’s non-oil sector has been crucial in diversifying the kingdom’s economy. In the second quarter, the Gulf state’s economic growth of 1.1% was driven by a 5.5% increase in non-oil activities, offsetting the subdued activities in the oil sector
