Saudi Arabia’s wealth fund sets up new facility management company FMTECH
FMTECH will offer its services to health, industrial and entertainment destinations
Riyadh: The Public Investment Fund (PIF) set up the Saudi Facility Management Company (FMTECH) to offer a wide range of utilities, energy and waste management services. The company will also provide maintenance, housekeeping, security, and landscaping services, PIF said on Thursday.
PIF explained that the company was established to drive sustainable growth and improve operational efficiency within the local facilities management sector.
FMTECH will also focus on driving cost-effective solutions and increasing the lifespan of properties within local real estate development projects in the country. Services will be offered on a unified digital platform that collects and utilizes facilities-related data.
The company will offer its services to health, industrial, aviation, educational, residential, and entertainment facilities. FMTECH’s launch comes in line with PIF’s strategy to support economic diversification in the country,
Since 2017, PIF has established many companies across 13 strategic sectors, such as the National Security Services Company (SAFE) and the Saudi Investment Recycling Company (SIRC).
Earlier this month, the PIF also launched SRJ Sports Investments, a sports investment company that aims to accelerate the growth of the sports sector in Saudi Arabia and MENA. PIF said SRJ Sports will invest in acquiring and creating new sports events IP, commercial rights of popular and prominent sports competitions and hosting major global events in Saudi Arabia.