Construction PIF unveils FM subsidiary to target $35bn business By Pramod Kumar August 11, 2023, 5:50 AM Unsplash.com PIF's new company aims to drive sustainable growth and improve operational efficiency within the local facilities management sector Saudi Arabia’s Public Investment Fund (PIF) has established a facilities management business to support the growth of its real estate sector. Saudi Facility Management Company (Fmtech) will offer a range of services, including utilities management, energy management, waste management, maintenance, housekeeping, security and landscaping services, the sovereign wealth fund said in a statement. In addition, it will provide advisory services through a unified digital platform that collects and uses facilities-related data. PIF-backed contractor to buy Dubai energy services firm Assets of PIF hit $594bn despite $16bn loss in 2022 PIF sets up company to help Saudi women get fitter The Saudi facility management market is forecast to grow to $34.86 billion in 2028 at a compound annual growth rate of 6.2 percent from $22.87 billion in 2021, according to a research report by Fortune Business Insights. The company will target industries such as health institutions, industrial facilities, entertainment destinations, aviation facilities, educational institutions, residential and shopping complexes and business centres. Earlier this month, the state-owned PIF launched Kayanee aimed at improving the health and well-being of women in the kingdom. It also launched the Saudi Tourism Investment Company (Asfar) in July, as it targets 100 million domestic and international visitors annually by 2030.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 3 hours ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 1 hour ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 7 mins ago
Trade UK invests $5bn in Oman in 12 months The United Kingdom pumped more than $5 billion in foreign direct investment (FDI) into Oman in the 12 months from October 2023, maintaining its position as the biggest external investor in the country, official data shows. The UK’s cumulative stock of FDI in Oman was 13.7 billion Omani rials ($35.6 billion) by the end of […] 37 mins ago
