PIF buys key stake in Saudi building materials company
RIYADH, 26 days ago
Saudi wealth fund PIF yesterday (February 13) announced the acquisition of a 30% stake in Masdar for Building Materials Company (Masdar), a leading local company specialising in the trading and distribution of building materials.
The acquisition was made by way of subscribing to newly issued shares through a capital increase.
PIF’s investment will enable Masdar to transform its operations through digital technology, enhancing the customer experience, and improving operational efficiency.
The investment will also allow the company to expand its operations, build new strategic partnerships, as well as increase the role of local suppliers and businesses in serving the building materials market, it stated.
Ahmad AlGhamdi, Head of Construction and Building Materials (Mena) Investments at PIF, said: "The investment in Masdar will contribute to reinforcing local supply chains by unlocking capabilities in the construction and building components and services sector, one of PIF’s strategic sectors."
"The investment will also support the development of the building materials distribution network, increase access to value-added services, and accelerate digital transformation through the adoption of the latest technologies and solutions," stated AlGhamdi.
"The investment also represents another step towards promoting partnerships with the private sector to develop strategic sectors and increase Saudi Arabia’s GDP," he added.
Masdar CEO Faisal Al Muhaidib said: "As a leading building and construction materials company in Saudi Arabia, we look forward to partnering with PIF to play a vital role in supporting the growth and development of the sector by scaling up our capabilities and meeting current and upcoming demand."
"The construction and building components and services sector is one of the most important and promising sectors in Saudi Arabia, and PIF's investment will accelerate and unlock Masdar’s growth, enabling us to scale our capabilities and maintain our leading position by offering products via our exceptional distribution network," he added.-TradeArabia News Service
