The Saudi Arabia’s Public Investment Fund (PIF) and JLL have announced a strategic partnership, with JLL acquiring a significant stake in the Saudi Facility Management Company (FMTECH), a subsidiary of PIF.
PIF will maintain a majority stake in FMTECH. The transaction is expected to close subject to customary closing conditions.
The transaction aligns with PIF’s broader strategy to attract private sector investments, both from domestic and international investors, into its portfolio companies. This initiative aims to unlock the full potential of these companies, while also fulfilling PIF’s mandate to drive Saudi Arabia’s economic transformation and generate sustainable returns.
Saad Alkroud Head of the Local Real Estate Investment Division PIF
“Facilities management is a key component of the real estate and infrastructure sector, and of PIF’s local real estate strategy, which drives economic transformation and diversification, advances urban innovation, and enhances quality of life. The new investment will further accelerate FMTECH’s progress and create new growth opportunities that will benefit the sector.”
Neil Murray, CEO, Real Estate Management Services at JLL, said that, “With this investment, we’re combining JLL’s best-in-class operational and technological facilities management capabilities with FMTECH’s local market knowledge, to deliver exceptional service to clients in the rapidly growing Saudi market.”
FMTECH to Benefit from JLL’s Global Expertise
Launched by PIF in 2023, FMTECH is a national integrated facilities management company, serving PIF portfolio companies as well as public and private sector clients across Saudi Arabia. The investment enables JLL to expand its service capabilities in the Saudi market, while strengthening its existing relationship with PIF.
FMTECH will benefit from JLL’s global network and operational track record to create new commercial opportunities and localize knowledge and technologies. FMTECH will integrate JLL’s advanced digital facility management platforms and global operating systems, which will enable the company to significantly elevate service quality, efficiency, and transparency across its entire delivery model, driving long-term value creation for clients.
