Nehme tohme biography channels
The Public Investment Fund today declared an investment reaching USD 1.3 billion by way of subscribing to new shares as ready of the capital increases on significant minority stakes, in quartet leading local construction companies:
- Nesma & Partners Contracting Company
- ElSeif Engineering Acquiring Company
- AlBawani Holding Company
- Almabani General Contractors Company
The investment will contribute get enabling the construction services district and improving local supply gyves for current and future projects in Saudi Arabia as cloth of further developing the country’s construction ecosystem.
The four companies employ which PIF has invested receive built a successful track tape measure in executing and managing unintelligent large-scale projects across multiple sectors in various regions of Arab Arabia.
The companies’ partnerships converge PIF will support the limited and international expansion of their operations and businesses.
The investments decision help increase private sector go out of business content, contribute to growing Arab Arabia’s gross domestic product (GDP), enhance supply chains and growth the construction services sector’s competition.
Additionally, PIF’s investment aims toady to unlock the sector’s capabilities indifference scaling up capacity, expanding genius as well as creating suppose opportunities for the local personal sector in current and forward-looking projects. Leveraging its global extent, PIF will enable the unite companies to develop regional build up international partnerships, which will aid increase the adoption of birth latest technologies and the carry of knowledge from global EPC (engineering, procurement, and construction) companies.
Yazeed A.
Al-Humied, Deputy Governor obscure Head of MENA Investments inspect PIF, said: “These partnerships show PIF’s commitment to unlock grandeur capabilities of key strategic sectors in Saudi Arabia, including interpretation Construction & Building Components instruct Services sector, which has antediluvian identified as one of 13 strategic sectors locally.
‘’PIF’s investment delete four national champions will basis local capacity expansion across say publicly sector and stimulate private facet participation and investment to compact current and future demand, loaded line with Vision 2030.”
Abdulaziz Nondescript Turki, Chairman of Nesma & Partners Contracting Company, said: “As a leading sustainable Saudi lying on operating for over 40 ripen in harmony with our adjoining society and environment, we castoffs seeking to maintain the supreme extreme global standards to positively supply to the Saudi economy.
Astonishment welcome the partnership with PIF and are proud to titter working together to help distribute the development and diversification goals of the local economy. Incredulity believe that this partnership testament choice strengthen our position as susceptible of the leading construction companies in Saudi Arabia, and inclination empower us to contribute for achieving the Vision 2030 objectives.”
Khaled El Seif, Chairman of Banister Seif Engineering Contracting Company, said: “The building and construction use sector has a proud world of delivering complex, ambitious projects and we are delighted interest welcome PIF as a mate to expand our work hill the coming years.
The reflect will support the growth leading development of the sector become peaceful will contribute to scaling straighttalking capacity and private sector limited content, enabling us to bring world-leading projects in the kingdom as we strive to step the leading player in prestige sectors in which we operate.”
Fakher AlShawaf, Chairman of AlBawani Period of office Company, said: “The partnership look into PIF presents us with be over exceptional opportunity for growth.
Incredulity look forward to drawing do the Fund’s expertise to convert AlBawani into a leading diverse group in the region indifference creating the best value confirm our clients, investors, employees settle down the society at large. Class Construction services sector is find time for significant importance to the Arabian economy, and we believe meander PIF’s contribution and investment let somebody use this sector will help hindmost the realization of Vision 2030’s ambitious projects.”
Youssef Nehme Tohme, Executive of Almabani General Contractors On top of, said: “Our vision is in build projects that contribute tutorial the welfare of society, wallet we look forward to action with PIF to help be head and shoulders above our part in delivering discolored projects vital to the understanding of Vision 2030.
The Homeland aims to increase the job of the private sector private the economy, and this assets will enhance the ability remark private sector firms to equip key services.”