RIYADH: The coronavirus (COVID-19) pandemic has led to the restructuring of the global health care system, with an accelerated shift in focus away from hospitals to providing more facilities to homes, speakers told delegates at the Future Investment Initiative (FII) conference place in Riyadh.
Dr. Peter H. Diamandis, founder and executive chairman of the XPRIZE Foundation, said the future of health care was moving it “out of the hospital and into the home, out of the institutions and into a personalized, digitalized element.”
Dr. Harsh Vardhan, India’s Minister of Health and Family Welfare, said another health care trend was a closer collaboration between the government and citizens, where all elements of society must work together to ensure the safety and wellness of the whole country.
Along with the collaboration of government and community, the panel also discussed the integration of technology into the health care ecosystem, including areas such as the digital system record and early detection systems.
Dr. Ali Parsadoust, founder and CEO of the digital health care company Babylon, said health care was “moving from a reacting form of health care to a model of health care that is continuous, from one that is incidental from time to time to one that is continuously collecting data and continuously assessing their health, continuously proving insight.”
FII speakers outline the ‘re-architecturing’ of the global health care system
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FII speakers outline the ‘re-architecturing’ of the global health care system
- Along with the collaboration of government and community, the panel also discussed the integration of technology into the health care ecosystem
- India’s Minister of Health and Family Welfare said another health care trend was a closer collaboration between the government and citizens
JLL to invest in PIF-backed FMTECH to boost Saudi facilities management sector
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.
