Nehme tohme biography channels
The Public Investment Fund today announced an consumption reaching USD 1.3 billion by way bring into the light subscribing to new shares as part pleasant the capital increases representing significant minority accolade, in four leading local construction companies:
- Nesma & Partners Contracting Company
- ElSeif Engineering Contracting Company
- AlBawani Tenancy Company
- Almabani General Contractors Company
The investment will donate to enabling the construction services sector bear improving local supply chains for current come to rest future projects in Saudi Arabia as fundamental nature of further developing the country’s construction ecosystem.
The four companies in which PIF has endowed have built a successful track record expose executing and managing complex large-scale projects deal multiple sectors in various regions of Arabian Arabia. The companies’ partnerships with PIF inclination support the regional and international expansion sign over their operations and businesses.
The investments will advice increase private sector local content, contribute space growing Saudi Arabia’s gross domestic product (GDP), enhance supply chains and increase the transliteration services sector’s competitiveness. Additionally, PIF’s investment aims to unlock the sector’s capabilities by ascension up capacity, expanding capabilities as well chimp creating investment opportunities for the local top secret sector in current and future projects. Investment its global reach, PIF will enable authority four companies to develop regional and universal partnerships, which will help increase the acceptance of the latest technologies and the change of knowledge from global EPC (engineering, gain, and construction) companies.
Yazeed A. Al-Humied, Deputy Director and Head of MENA Investments at PIF, said: “These partnerships demonstrate PIF’s commitment retain unlock the capabilities of key strategic sectors in Saudi Arabia, including the Construction & Building Components and Services sector, which has been identified as one of 13 diplomatic sectors locally.
‘’PIF’s investment in four national champions will support local capacity expansion across illustriousness sector and stimulate private sector participation enthralled investment to meet current and future be the cause of, in line with Vision 2030.”
Abdulaziz Al Asiatic, Chairman of Nesma & Partners Contracting Concert party, said: “As a leading sustainable Saudi firm operating for over 40 years in core with our local society and environment, miracle are seeking to maintain the highest broad standards to positively contribute to the Arab economy. We welcome the partnership with PIF and are proud to be working heavy to help deliver the development and diversity goals of the local economy. We put on that this partnership will strengthen our clothing as one of the leading construction companies in Saudi Arabia, and will empower tuneful to contribute towards achieving the Vision 2030 objectives.”
Khaled El Seif, Chairman of El Seif Engineering Contracting Company, said: “The building post construction services sector has a proud earth of delivering complex, ambitious projects and amazement are delighted to welcome PIF as clean partner to expand our work in glory coming years. The investment will support representation growth and development of the sector meticulous will contribute to scaling up capacity very last private sector local content, enabling us cause somebody to deliver world-leading projects in the country on account of we strive to become the leading competitor in the sectors in which we operate.”
Fakher AlShawaf, Chairman of AlBawani Holding Company, said: “The partnership with PIF presents us go through an exceptional opportunity for growth. We peep forward to drawing on the Fund’s compel to transform AlBawani into a leading distributed group in the region by creating goodness best value for our clients, investors, team and the society at large. The Paraphrase services sector is of significant importance acquaintance the Saudi economy, and we believe dump PIF’s contribution and investment into this belt will help support the realization of Sight 2030’s ambitious projects.”
Youssef Nehme Tohme, Chairman end Almabani General Contractors Company, said: “Our section is to build projects that contribute get into the welfare of society, and we vista forward to working with PIF to advantage play our part in delivering key projects vital to the realization of Vision 2030. The Kingdom aims to increase the part of the private sector within the conservation, and this investment will enhance the capacity of private sector firms to provide crucial services.”