Skip to content Skip to Search
Skip navigation

Saudi sovereign fund PIF buys 40% stake in Zamil Offshore 

By Pramod Kumar
PIF Zamil Offshore exploration Reuters/Amir Cohen
PIF’s investment will strengthen the capital base of Zamil Offshore to enable it to continue expanding its services

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 percent stake in Zamil Offshore Services Company, one of the kingdom’s largest offshore support vessel operators and construction service providers.

The value of the deal was not given.

PIF’s investment will strengthen the capital base of Zamil Offshore, allowing it to expand its services and fleet to meet the growing demand for offshore support services, including wind power generation activities.

The Zamil deal is part of PIF’s strategy to develop the kingdom’s energy base. 

Zamil Offshore, incorporated in 1977, manages and operates more than 90 vessels. It has two joint ventures, Zamil Mermaid, which provides subsea diving services, and SBS Oceanics, which offers maintenance, modification and upgrade services for offshore platforms.

“The offshore support industry remains strategically important to Saudi Arabia and will continue to play a crucial role in addressing the world’s energy demand. Our investment in Zamil Offshore will strengthen this vital sector,” said Bakr AlMuhanna, head of the transport and logistics sector in Mena investments at PIF.

The PIF was ranked first globally in 2023 in terms of new money invested by state-owned investors by the the 2024 Global Sovereign Wealth Fund report, having deployed $31.5 billion in 48 deals.

Latest articles

An extension of Diriyah's Bujairi Terrace, a popular nightspot, will open in November

Diriyah giga-project to open first hotel in November

Diriyah, one of Saudi Arabia’s leading giga-projects, will finally open its first hotel in November along with other attractions and sites, its CEO said this week.  “This November we’ll open another few kilometres of parks, we’ll open our first Bab Samhan hotel, we’ll open our first museum which is the Diriyah Art Futures Museum, we’ll […]

King Abdulaziz International Airport: the number of international flights increased but there were less than 27.4 million international visitors to the kingdom last year

Passenger numbers rise 26% in Saudi Arabia

Saudi Arabia said this week that its total number of air passengers rose 26 percent to 112 million in 2023. This includes a 46 percent rise in the total number of international travellers to 61 million.  The number means the kingdom’s airports are approaching full capacity, which is 116 million passengers a year, including 45 […]

Tourists visit the tombs of the Nabatean civilisation in AlUla. Saudi Arabia's goal is for tourism to make up 10 percent of GDP by 2030

Affluent tourists around the globe on Saudi Arabia’s radar

Saudi Arabia will invest more than $800 billion in its main giga-projects by the next decade as part of a tourism expansion strategy focused on affluent tourists in China, India and Europe.  The kingdom’s tourism minister Ahmed Al-Khateeb, speaking at the Qatar Investment Forum, said: “We’re building and investing in major destinations like Neom, Red […]

The funds stolen from cryptocurrency exchange Rain were converted into Bitcoin and Ethereum to disguise their origin

Crypto exchange Rain suffers $15m hack

Rain, a cryptocurrency exchange regulated in both the UAE and Bahrain, has confirmed a serious hack resulting in losses reportedly nearing $15 million.  The exchange said in a statement on its website on Tuesday that customer funds remain secure despite the incident.  The security breach occurred on April 29 and was first detected by blockchain […]