The Clap
The Saudi Public Investment Fund (PIF) invested up to SAR 5 billion in four leading national companies in the building and construction field.
What
The PIF said its investments included Nesma, El Seif Engineering Contracting, Al Bawani, and Al Mabani.
The PIF acquired minority stakes in those companies through a subscription to new shares from a capital increase.
So What
The PIF explained that these investments would support the construction sector, strengthen local supply chains, and supply various current and future projects in Saudi Arabia.
Now What
This partnership will help companies expand their operations and businesses regionally and internationally and develop regional and international relations in the sector. These relations will increase reliance on new technologies in construction and transfer knowledge to the local market.
