RIYADH: Saudi Arabia’s sovereign wealth fund has invested a total of $1.3 billion in four local construction companies, as part of the fund’s capital increase initiatives. The Public Investment Fund has acquired stakes in Nesma & Partners Contracting Co., El Seif Engineering Contracting Co., AlBawani Holding Co., and Almabani General Contractors Co., according to a press release. These new transactions are part of PIF’s strategy to support and enable key strategic sectors in Saudi Arabia, in line with the goals outlined in Vision 2030, the Fund said in a statement. It further noted that these investments will enable the construction services sectors to scale up capacity, expand capabilities, stimulate growth, drive the adoption of advanced technologies and improve local supply chains for current and future projects in the Kingdom. PIF’s investments are also expected to help these companies expand their operations and businesses beyond Saudi Arabia. “These partnerships demonstrate PIF’s commitment to unlocking the capabilities of key strategic sectors in Saudi Arabia, including the construction & building components and services sector, which has been identified as one of 13 strategic sectors locally,” said Yazeed A Al-Humied, deputy governor and head of MENA Investments at PIF. PIF said its investment in four national champions will support local capacity expansion across the sector and stimulate private sector participation and investment to meet current and future demand, in line with Vision 2030. Abdulaziz Al Turki, chairman of Nesma & Partners Contracting Co. said that this partnership will "strengthen our position as one of the leading construction companies in Saudi Arabia, and will empower us to contribute towards achieving the Vision 2030 objectives." On his part, Khaled El Seif, chairman of El Seif Engineering Contracting Co., said: "The investment will support the growth and development of the sector and will contribute to scaling up capacity and private sector local content, enabling us to deliver world-leading projects in the country as we strive to become the leading player in the sectors in which we operate." Earlier in January, data released by the Sovereign Wealth Fund Institute suggested that the PIF has maintained the sixth spot in the list of top sovereign wealth funds in the world with assets worth $607.42 billion. The PIF is leading the economic diversification journey in Saudi Arabia through strategic international and national investments. Currently, the PIF owns 71 companies in 10 different sectors and has created more than 500,000 direct and indirect jobs. In November 2022, PIF Governor Yasir Al-Rumayyan said that the fund is planning to create even more employment opportunities. “We want to create 1.8 million jobs, and these are quality jobs. It is not only the figures we are looking at, but the quality of these figures, the quality of these jobs,” said Al-Rumayyan. Al-Rumayyan also noted that the PIF has a detailed strategy to increase the fund’s assets to reach between $2 to $3 trillion by the end of this decade. “We have a complete plan from now till 2030, on how to reach a trillion and reach between $2 to $3 trillion, and Crown Prince Mohammed bin Salman is determined to reach it,” he said.