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Saudi Arabia’s Public Investment Fund (PIF) has invested $1.3 billion by subscribing to new shares as part of the capital increases in Nesma & Partners Contracting Company, ElSeif Engineering Contracting Company, AlBawani Holding Company, and Almabani General Contractors Company, the sovereign wealth fund said in a statement.
The investment will enable the construction services sector to scale up capacity, expand capabilities, stimulate growth, drive the adoption of advanced technologies and improve local supply chains for current and future projects in the Kingdom.
The transactions are part of PIF’s strategy to support and enable key strategic sectors in line with Vision 2030, the statement noted.
(Writing by D Madhura; Editing by Anoop Menon)
