Saudi PIF establishes ‘FMTECH’ to offer comprehensive range of services

By Shilpa Annie Joseph, Official Reporter
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Saudi Arabia’s Public Investment Fund (PIF) has established the Saudi Facility Management Company (FMTECH) in order to offer a comprehensive range of services, including utilities management, energy management, waste management, maintenance, housekeeping, security, and landscaping services.

The establishment of FMTECH is in line with PIF’s strategy to unlock the capabilities of promising sectors to support economic diversification, improve sustainability, and localize technology and sector-specific knowledge, in the Kingdom.

FMTECH aims to drive sustainable growth and improve operational efficiency within the local facilities management sector, with a focus on driving cost-effective solutions and increasing the lifespan of properties within local real estate development projects in Saudi Arabia.

It will also provide advisory services leveraging advanced, industry-leading innovation, including a unified digital platform that collects and utilizes facilities-related data, as per the statement.

The company will offer its services to the facilities of key industries that support the growth of the local economy, including health institutions, industrial facilities, entertainment destinations, aviation facilities, educational institutions, residential and shopping complexes, and business centers.

Since 2017, PIF has established many companies across 13 strategic sectors, such as the National Security Services Company (SAFE) to develop and grow the private security sector in Saudi Arabia, and the Saudi Investment Recycling Company (SIRC), which supports and operates PIF’s investments in domestic recycling sector projects.

Recently, Public Investment Fund established the Kayanee Company, a unique lifestyle-integrated concept designed to inspire and enhance women’s well-being in Saudi Arabia. Kayanee will focus on women’s health and lifestyle of future generations through six offerings, including fitness, apparel, personal care & treatments, nutrition & diagnostics, healthy eating, and learning.

Related News: Saudi PIF sets up new tourism investment company ‘Asfar’

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