Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) has unveiled the takeover of a 30% stake in Masdar for Building Materials Company by subscribing to newly issued shares through a capital increase, according to a press release.
PIF’s investment will enable the Riyadh-based Masdar, which is a local Saudi company specialising in the trading and distribution of building materials, to transform its operations through digital technology while enhancing the customer experience and improving operational efficiency.
The investment will also allow Saudi Masdar to expand its operations, build new strategic partnerships, and increase the role of local suppliers and businesses in serving the building materials market.
Head of Construction and Building Materials – MENA Investments at PIF, Ahmad Al Ghamdi, 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.”
Al Ghamdi added: “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.”
He concluded that the acquisition deal “also represents another step towards promoting partnerships with the private sector to develop strategic sectors and increase Saudi Arabia’s GDP.”
Meanwhile, PIF’s takeover in the Saudi-based company reinforces the commitment of the fund to supporting the growth of strategic sectors in the Kingdom and achieving the goals of Saudi Vision 2030.
From his part, Faisal Al Muhaidib, the CEO of Masdar for Building Materials, 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.”
Al Muhaidib noted: “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.”
Earlier the Saudi sovereign wealth fund launched its third Private Sector Forum which is taking place for two days until 13 February 2025.
