Skip to content Skip to Search
Skip navigation

PIF unveils FM subsidiary to target $35bn business

By Pramod Kumar
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.

Latest articles

SJP's chief investment officer Justin Onuekwusi, second from right, at the event in Dubai. Other speakers included, from left, Ben Powell of the BlackRock Investment Institute, Angelina Lai of SJP Asia and Middle East, and Robert Willock of the Economist Intelligence Unit

Wealth manager seeks Gulf growth despite setbacks in UK

St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […]

A FlyDubai Boeing 737 Max. The airline's CEO says Boeing is 'fantastic' but he has sent inspectors to the manufacturer's facilities

Boeing’s ‘negative issues’ are top concern for FlyDubai CEO

Escalating regional tensions and recent floods in Dubai have “not especially” affected FlyDubai’s operations, but the low-cost airline’s chief executive said he was closely monitoring US plane maker Boeing’s response to a string of safety scandals.  “We are definitely very concerned about the delays and all the negative issues that are in the pipeline or […]

A KFC outlet in a Dubai mall. It accounts for about two-thirds of Americana's sales, but has been hit by boycotts

Americana profit tumbles as Gaza boycotts hit sales

Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million.  Net profit fell […]

Lucid cut the price of its flagship Air model in February by as much as 10 percent

Lucid cuts electric car prices but posts higher revenue

Saudi-backed US electric vehicle maker Lucid reported first-quarter revenue above analysts’ estimates this week as it sets to produce more cars this year but selling at cheaper prices to spur sales.  The Nasdaq-listed EV company had cut prices of its flagship Air sedans in February by up to 10 percent, as customers globally began to […]