- JLL is acquiring a significant stake in The Saudi Facility Management Company (FMTECH), in line with PIF’s strategy to advance partnerships with and enable the private sector
- The transaction combines PIF’s scale and market presence with JLL’s operational and technological expertise to create new commercial opportunities
- The investment allows JLL to expand its service capabilities in the Saudi market, while building on its existing strong relationship with PIF
Riyadh– PIF and JLL today announced JLL is acquiring a significant stake in the Saudi Facility Management Company (FMTECH), a PIF company. PIF will maintain a majority stake in FMTECH. The transaction is expected to close subject to customary closing conditions.
Launched by PIF in 2023, FMTECH is a national integrated facilities management company, serving PIF portfolio companies as well as public and private sector clients across Saudi Arabia. The investment allows JLL to expand its service capabilities in the Saudi market, while building on the existing relationship with PIF.
FMTECH will benefit from JLL’s global network and operational track record to create new commercial opportunities and localize knowledge and technologies. FMTECH will integrate JLL’s advanced digital facility management platforms and global operating systems which will enable the company to significantly elevate service quality, efficiency, and transparency across its entire delivery model, driving long-term value creation for clients.
The transaction aligns with PIF’s strategy to increase private sector investments from domestic and global investors into its companies to help unlock their full potential, while delivering on its unique mandate to drive the country’s economic transformation and deliver sustainable returns.
Saad Alkroud, Head of the Local Real Estate Investment at PIF, said: “Facilities management is a key component of the real estate and infrastructure sector, and of PIF’s local real estate strategy, which drives economic transformation and diversification, advances urban innovation and enhances quality of life. JLL’s investment will further accelerate FMTECH’s progress and create new opportunities for growth that will benefit the sector.”
Neil Murray, CEO, Real Estate Management Services at JLL, said: “With this investment, we’re combining JLL’s best-in-class operational and technological facilities management capabilities with FMTECH’s local market knowledge, to deliver exceptional service to clients in the rapidly growing Saudi market.”
ABOUT PIF
PIF is one of the world’s most impactful investors, enabling the creation of key sectors and opportunities that help shape the global economy, deliver returns and drive the economic transformation of Saudi Arabia, supporting the delivery of Vision 2030. PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.
And as a global investor and catalyst of change, PIF actively partners with the most pioneering organizations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.
Since 2017, PIF has been establishing companies and driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sector. PIF is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
