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.
