Saudi Public Investment Fund Invests $1.3 Billion in Local Construction Firms
The Saudi Public Investment Fund (PIF) on Tuesday announced its plans to invest $1.3 billion in four local construction firms. The investment will involve subscribing to new shares as part of the capital increases in the companies.
In a statement released by the PIF, the investment will aid in promoting the construction services sector and improving local supply chains for present and future projects in Saudi Arabia. The partnerships formed between the companies and the fund will also support their operations and businesses’ regional and international expansion.
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Yazeed A. Al-Humied, deputy governor, and head of MENA Investments at the PIF, said that such partnerships demonstrate the fund’s commitment to unlocking the capabilities of key strategic sectors in Saudi Arabia.
These investments and initiatives are part of the PIF’s goal to build strategic economic partnerships to achieve sustainable returns while unlocking the capabilities of promising sectors with significant long-term growth potential. The fund has been investing in sectors such as tourism, entertainment, and transportation as part of the kingdom’s Vision 2030 initiative to diversify its economy and reduce its dependence on oil.
