PIF offloads $131m stake in National Gas and Industrialization to Jadwa 

The transaction is set to be executed as a negotiated deal, following the Saudi Stock Exchange’s trading and membership procedures on Sept. 3. Shutterstock
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Updated 03 September 2023
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PIF offloads $131m stake in National Gas and Industrialization to Jadwa 

RIYADH: Saudi Arabia’s Public Investment Fund has signed a binding agreement to sell its 10.92 percent stake in National Gas and Industrialization Co. to Jadwa Investment Co. for SR491.19 million ($131 million), according to a bourse filing.   

The transaction is set to be executed as a negotiated deal, following the Saudi Stock Exchange’s trading and membership procedures on Sept. 3, with completion expected by Sept. 5, subject to various conditions and steps.  

The sale involved 8.18 million shares, with GIB Capital serving as the financial advisor to the sovereign wealth fund.  

Earlier in August, ADES Holding Co., with the backing of PIF, announced its plan to go public on the Kingdom’s main stock exchange. 

In a statement, the oil and gas drilling firm revealed its plans to issue 339 million ordinary shares during the public offering, resulting in a 30 percent free float after a combination of existing and newly issued shares are sold. 

PIF, recognized as one of the world’s wealthiest sovereign wealth funds, continues to drive Saudi Arabia’s economic diversification endeavors as part of Vision 2030. 

The fund, over the course of years, has made several strategic investments, as Saudi Arabia’s economy moves away from its dependence on oil. 

Furthermore, in August, PIF-owned AviLease, an aviation financing and leasing firm, inked a definitive agreement to acquire Standard Chartered’s aircraft leasing business, which includes Dublin-based Pembroke Group.  

Valued at $3.6 billion, this deal encompassed a portfolio of 100 narrow-body aircraft and granted AviLease servicing rights for an additional 22 aircraft, according to a press statement. 


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.