The Public Investment Fund (PIF) and Jones Lang LaSalle (JLL) have announced a new agreement under which JLL will acquire a significant minority stake in the Saudi Facility Management Company (FMTECH), a PIF portfolio company. PIF will retain a majority ownership in FMTECH, and the transaction remains subject to customary closing conditions.
PIF
Established by PIF in 2023, FMTECH is a national integrated facilities management provider serving PIF portfolio companies, as well as public and private sector clients across Saudi Arabia. Moreover, through this investment, JLL will strengthen and expand its service offering in the Kingdom, building on its longstanding relationship with PIF.
According to a PIF press release, FMTECH will leverage JLL’s global expertise, operational excellence, and international network to unlock new commercial opportunities and support the localization of knowledge and advanced technologies.
The company will also adopt JLL’s digital facilities management platforms and global operating systems, enhancing service quality, operational efficiency, and transparency across its operations, and creating long-term value for clients.
The transaction supports PIF’s strategy to attract increased private sector participation—both domestic and international—into its portfolio companies, enabling them to reach their full potential while advancing Saudi Arabia’s economic transformation and delivering sustainable returns.
Saad Alkroud, Head of Local Real Estate Investment at PIF, commented:
“Facilities management plays a vital role in the real estate and infrastructure sectors and is central to PIF’s local real estate strategy. Additionally, this investment by JLL will accelerate FMTECH’s development and open new growth opportunities that will positively impact the wider sector.”
Neil Murray, Chief Executive Officer of Real Estate Management Services at JLL, added: “This investment brings together JLL’s world-class facilities management capabilities and technology with FMTECH’s deep local market expertise, enabling us to deliver outstanding services to clients in Saudi Arabia’s fast-growing market.”
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