Bloomberg: Public Investment Fund May Make Major Investment in Building Firms

Saudi Arabia’s sovereign wealth fund may invest hundreds of millions of dollars in four local construction firms, Bloomberg reported in Monday.

The Public Investment Fund is in talks with Nesma Holding, El Seif Group, Almabani General Contractors and Albawani to buy minority stakes in them or their subsidiaries, according to people familiar with the matter.

The PIF has hired Rothschild and GIB Capital as advisers and is looking to take stakes of about 30% in each company, the people said.

The wealth fund may also later invest in international contractors working on Saudi projects, the people said.

Talks between PIF and the four contractors are at an early stage and may not result in any deals, the people said.