DAVOS: Saudi ministers and officials on Thursday debated the future of the Kingdom’s economy at the World Economic Forum in Davos, Switzerland.
Minister of Economy Mohammad Al-Tuwaijri, Finance Minister Mohammed Al-Jadaan and Minister of Commerce and Investment Majid Al-Kasabi took to the stage.
They were joined by Princess Reema bint Bandar, vice president for development and planning at the Saudi Arabian General Sports Authority.
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JEDDAH: Saudi Arabia’s Public Investment Fund announced on Monday that US-based real estate services firm JLL will acquire a significant stake in Saudi Facility Management Co., known as FMTECH, a subsidiary of the sovereign wealth fund.
In a press release, PIF said it will retain a majority ownership in FMTECH following the transaction.
Saad Alkroud, head of local real estate investment at PIF, said facilities management plays a central role in the Kingdom’s real estate and infrastructure ecosystem and is a key pillar of the fund’s local real estate strategy.
He noted that the strategy supports economic transformation and diversification, promotes urban innovation, and enhances quality of life.
“JLL’s investment will further accelerate FMTECH’s development and unlock new growth opportunities that will benefit the wider facilities management sector,” Alkroud said.
FMTECH was launched by PIF in 2023 as a national integrated facilities management company, providing services to PIF portfolio firms as well as public- and private-sector clients across Saudi Arabia.
The investment enables JLL to broaden its service offering in the Kingdom while deepening its existing partnership with PIF.
Neil Murray, CEO of real estate management services at JLL, said the investment brings together JLL’s global operational expertise and technology-driven facilities management capabilities with FMTECH’s deep understanding of the local market.
“By combining our strengths, we aim to deliver high-quality, efficient services to clients in Saudi Arabia’s rapidly expanding facilities management market,” Murray said.
FMTECH is expected to leverage JLL’s international network and operational experience to develop new commercial opportunities while supporting the localization of expertise and advanced technologies.
According to the press release, the company will integrate JLL’s digital facilities management platforms and global operating systems, significantly enhancing service quality, efficiency, and transparency across its operations.
The transaction aligns with PIF’s broader strategy to attract domestic and international private-sector investment into its portfolio companies, helping unlock their full potential while advancing the Kingdom’s economic transformation agenda and generating sustainable long-term returns.
