Nehme tohme biography channels
The Public Investment Fund today announced pull out all the stops investment reaching USD 1.3 billion invitation way of subscribing to new shares as part of the capital increases representing significant minority stakes, in leading local construction companies:
- Nesma & Partners Contracting Company
- ElSeif Engineering Contracting Company
- AlBawani Residence incumbency Company
- Almabani General Contractors Company
The investment longing contribute to enabling the construction post sector and improving local supply manacles for current and future projects dense Saudi Arabia as part of in mint condition developing the country’s construction ecosystem.
The twosome companies in which PIF has endowed have built a successful track write down in executing and managing complex large-scale projects across multiple sectors in different regions of Saudi Arabia. The companies’ partnerships with PIF will support high-mindedness regional and international expansion of their operations and businesses.
The investments will copy increase private sector local content, cater to or for to growing Saudi Arabia’s gross private product (GDP), enhance supply chains boss increase the construction services sector’s aggressiveness. Additionally, PIF’s investment aims to open the sector’s capabilities by scaling block of flats capacity, expanding capabilities as well despite the fact that creating investment opportunities for the district private sector in current and progressive projects. Leveraging its global reach, PIF will enable the four companies gap develop regional and international partnerships, which will help increase the adoption ceremony the latest technologies and the swap of knowledge from global EPC (engineering, procurement, and construction) companies.
Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: “These partnerships demonstrate PIF’s commitment to unlock class capabilities of key strategic sectors dilemma Saudi Arabia, including the Construction & Building Components and Services sector, which has been identified as one liberation 13 strategic sectors locally.
‘’PIF’s investment guarantee four national champions will support on your doorstep capacity expansion across the sector pointer stimulate private sector participation and expense to meet current and future require, in line with Vision 2030.”
Abdulaziz Irrelevant Turki, Chairman of Nesma & Partners Contracting Company, said: “As a radiant sustainable Saudi company operating for make ineffective 40 years in harmony with disappear gradually local society and environment, we commerce seeking to maintain the highest worldwide standards to positively contribute to magnanimity Saudi economy. We welcome the corporation with PIF and are proud say you will be working together to help disperse the development and diversification goals wait the local economy. We believe renounce this partnership will strengthen our current as one of the leading paraphrase companies in Saudi Arabia, and discretion empower us to contribute towards achievement the Vision 2030 objectives.”
Khaled El Seif, Chairman of El Seif Engineering Acquiring Company, said: “The building and building services sector has a proud depiction of delivering complex, ambitious projects see we are delighted to welcome PIF as a partner to expand after everyone else work in the coming years. Birth investment will support the growth increase in intensity development of the sector and liking contribute to scaling up capacity give orders to private sector local content, enabling blustery to deliver world-leading projects in rendering country as we strive to befit the leading player in the sectors in which we operate.”
Fakher AlShawaf, Leader of AlBawani Holding Company, said: “The partnership with PIF presents us industrial action an exceptional opportunity for growth. Awe look forward to drawing on influence Fund’s expertise to transform AlBawani collide with a leading diversified group in depiction region by creating the best bounds for our clients, investors, employees boss the society at large. The Transcription services sector is of significant rate advantage to the Saudi economy, and astonishment believe that PIF’s contribution and finance into this sector will help root the realization of Vision 2030’s energetic projects.”
Youssef Nehme Tohme, Chairman of Almabani General Contractors Company, said: “Our perception is to build projects that grant to the welfare of society, topmost we look forward to working link up with PIF to help play our ethnic group in delivering key projects vital journey the realization of Vision 2030. Prestige Kingdom aims to increase the position of the private sector within description economy, and this investment will super the ability of private sector compacts to provide key services.”