RIYADH: In a significant effort to drive sustainable growth in real estate projects in Saudi Arabia, the Kingdom’s sovereign wealth fund has announced the launch of a new facilities management company.
According to a press statement, the Saudi Facility Management Co., also known as FMTECH, will offer a wide array of services including utilities management, waste management, and housekeeping, as well as security and landscaping services.
The company aims to improve operational efficiency in the country’s real estate projects and increase the lifespan of these properties.
“It will also provide advisory services leveraging advanced, industry-leading innovation, including a unified digital platform that collects and utilizes facilities-related data,” said PIF in a statement.
The company is expected to offer its services to enhance the growth of the local economy by contributing to key sectors, including health institutions, industrial facilities, and entertainment destinations. It will also offer its services to aviation facilities, educational institutions, residential and shopping complexes, and business centers.
“The establishment of FMTECH is in line with PIF’s strategy to unlock the capabilities of promising sectors to support economic diversification, improve sustainability, and localize technology and sector-specific knowledge in Saudi Arabia,” it added.
PIF is one of the richest sovereign wealth funds in the world and spearheads the Kingdom’s economic diversification efforts, aligned with the goals outlined in Vision 2030.
Earlier this month, the fund launched SRJ Sports Investments Co. to accelerate the growth of the sports sector in Saudi Arabia and the wider Middle East and North Africa region.
In July, it also launched another firm named Sawani Co. to unlock the full potential of Saudi Arabia’s camel dairy industry. Sawani Co. is expected to enable the growth of the Saudi camel farming industry and contribute to its sustainable development.
This came after PIF in June launched Lifera, a commercial-scale contract development and manufacturing organization, to help boost the local biopharmaceutical industry.
Earlier this month, the annual report released by PIF noted that its assets under management increased by 12.8% in 2022 to SR2.23 trillion ($595 billion). The fund’s AUM was SR1.54 trillion in 2019 and SR1.98 trillion in 2021.