Highlights:
- JLL’s investment will help FMTECH expand and create new opportunities for Saudi Arabia’s facilities management industry.
- The partnership combines JLL’s global expertise with FMTECH’s local market knowledge to improve service quality and efficiency.
Key Facts:
- FMTECH, launched by PIF in 2023, provides facilities management services to public and private clients across Saudi Arabia.
- PIF will retain majority ownership while the collaboration attracts both domestic and international investment to support Saudi Arabia’s economic transformation.
Background:
US-based real estate services firm JLL is set to acquire a significant stake in Saudi Facility Management Co. (FMTECH), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), the sovereign wealth fund announced on Monday. PIF will maintain majority ownership of FMTECH following the deal.
Saad Alkroud, head of local real estate investment at PIF, said facilities management is an important part of Saudi Arabia’s real estate and infrastructure. He added that it supports the country’s economic growth, modern cities, and a better quality of life.
Alkroud said that with JLL’s support, FMTECH will grow faster and create new opportunities for the facilities management sector.
Launched in 2023, FMTECH serves as a national integrated facilities management company, offering services to PIF portfolio firms as well as clients in both the public and private sectors across Saudi Arabia. The new investment allows JLL to expand its service offerings while deepening its collaboration with PIF.
Neil Murray, CEO of real estate management services at JLL, said the partnership combines JLL’s global expertise and technology-driven capabilities with FMTECH’s knowledge of the local market. He added that the goal is to provide reliable and effective services to clients in Saudi Arabia’s expanding facilities management market.
FMTECH will use JLL’s global network and technology to provide better, faster, and more transparent services. This partnership also supports PIF’s goal of attracting local and international investment and helps drive Saudi Arabia’s long-term economic growth.
