PIF Announces Investment in Nesma & Partners
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, has announced an investment by subscribing to new shares as part of the capital increases representing significant minority stakes in Nesma & Partners Contracting Company Ltd., and three other leading local constructions companies.
Speaking about the agreement, Abdulaziz Al Turki, Chairman of Nesma & Partners Contracting Company Ltd., said: “As a leading sustainable Saudi company operating for over 40 years in harmony with our local community and environment while maintaining the highest global standards.” He continued, "We welcome the partnership with PIF, and we are proud to be working together to help deliver the development and diversification goals of the local economy. We believe this partnership will strengthen our position as one of the leading contracting companies in Saudi Arabia and empower us to create a greater impact towards achieving the Vision 2030 objectives.”
Nesma & Partners was selected as one of the four companies in which PIF has invested for building and keeping a successful track record in executing and managing complex large-scale projects across multiple sectors in various regions of Saudi Arabia. The companies’ partnerships with PIF will support their operations and businesses' regional and international expansion.
PIF’s investment will help unlock the construction sector’s capabilities by scaling up capacity, expanding capabilities, and creating investment opportunities for the local private sector in current and future projects to develop the country’s construction ecosystem further. Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “PIF’s investment in four national champions will support local capacity expansion across the sector and stimulate private sector participation and investment to meet current and future demand, in line with Vision 2030.”
“We are proud of the milestone we achieved today in our path of growth and progress,” Said Samer A. Samad, President & CEO at Nesma & Partners Contracting Company Ltd. He continued, “We are fully aligned with all of our shareholders to continue delivering sustainable contracting solutions in partnership with our clients safer, better, and faster, while we live our corporate values of excellence, innovation, diversity, respect, and impact.”
