Riyadh, August 10, 2023, The Public Investment Fund (PIF) has recently announced the establishment of the Saudi Facility Management Company (FMTEC), marking a significant development. The company will offer a wide range of services, including utility management, energy management, waste management, maintenance, housekeeping, security, and landscaping services. FMTECH is a leading company in the local facilities management industry, focused on achieving sustainable growth and improving operational efficiency. FMTECH is committed to supporting local real estate development projects in Saudi Arabia by prioritizing cost-effective measures and extending the lifespan of properties. Furthermore, the company will provide advisory services that utilize advanced innovation, including a modern digital platform that collects and analyzes facility-related data.
The company aims to stimulate the local economy by expanding its services to the facilities of key industries. These industries, which are crucial for stimulating economic growth, encompass health institutions, industrial facilities, entertainment destinations, aviation facilities, educational institutions, residential and shopping complexes, and business centers. FMTECH has been announced as part of the strategic vision of the Public Investment Fund (PIF). This development seeks to utilize the potential of promising sectors, strengthen economic diversification, promote sustainability, and encourage the localization of technology and sector-specific knowledge within Saudi Arabia.
Since 2017, the Public Investment Fund (PIF) has effectively established multiple companies in 13 significant sectors. One notable organization in this context is the National Security Services Company (SAFE), which seeks to promote the growth and development of the private security sector in Saudi Arabia. In addition, PIF has established the Saudi Investment Recycling Company (SIRC), which focuses on overseeing and supporting PIF's investments in recycling initiatives within Saudi Arabia.
