Skip to content Skip to Search
Skip navigation

Saudi sovereign fund PIF buys 40% stake in Zamil Offshore 

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

AlAbraaj has several franchises in Saudi Arabia, including Mezza-W-Mashawi at Riyadh's King Khalid airport

Restaurant chain AlAbraaj plans IPO on Bahrain Bourse

AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […]

DP World Australia operates four container ports and is taking on more than 40 Silk Logistics sites

DP World to acquire Australia’s Silk Logistics

DP World Australia has announced plans to acquire the freight and logistics service provider Silk Logistics Holdings, in a deal worth A$174.5 million ($114.9 million). The Australian subsidiary of Dubai’s DP World will buy Silk Logistics at a price of A$2.14 ($1.40) per share.  The transaction is subject to shareholder approval and regulatory approvals, and is […]

A Talabat delivery driver in Doha, Qatar

Talabat focusing on core markets ahead of listing, says CFO

Food delivery app Talabat aims to prioritise organic growth over geographical expansion, its chief financial officer says, as it prepares to launch one of the region’s largest listings. Delivery Hero, the German parent company of the UAE-headquartered app, announced on Monday that it plans to sell a 15 percent stake in Talabat.  The initial public […]

Fertiglobe dropped to a loss in Q3 after its own-produced sales volumes fell

Fertiglobe logs net loss, weeks after Adnoc buys stake

Fertiliser maker Fertiglobe has reported a net loss of $10.4 million for the third quarter of 2024 – a sharp drop from the $39.6 million profit generated in the same period last year. The Abu Dhabi company’s revenue in Q3 2024 fell to $495.6 million versus $525 million in Q3 2023. Analysts had estimated a […]