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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.

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