{"id":83609,"date":"2024-02-20T00:00:00","date_gmt":"2024-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/20\/pif-acquires-40-of-zamil-offshore\/"},"modified":"2024-02-20T00:00:00","modified_gmt":"2024-02-20T00:00:00","slug":"pif-acquires-40-of-zamil-offshore","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/20\/pif-acquires-40-of-zamil-offshore\/","title":{"rendered":"PIF acquires 40% of Zamil Offshore"},"content":{"rendered":"

PIF grabs 40% of Zamil Offshore:<\/strong> The Public Investment Fund (PIF) wrapped up its acquisition of a 40% stake in leading offshore support services provider Zamil Offshore<\/a>, it said in a statement<\/a> yesterday. Zamil Offshore is a subsidiary of one of the Kingdom\u2019s largest private players Zamil Group<\/a>. The statement did not provide details on the financial value of the transaction.<\/p>\n

Giving Zamil a push<\/strong>: The investment \u201caims to further strengthen the capital base of Zamil Offshore \u2026 to continue expanding its services and fleet to serve the growing demand for offshore support services,\u201d PIF said. The services set to be provided later include wind power generation activities, it added.<\/p>\n

About the company:<\/strong> Zamil Offshore is one of the Kingdom\u2019s largest offshore support companies in terms of market share and fleet size, according to the statement. It currently manages and operates over 90 vessels in the Arabian Gulf. It is part of two JVs, including subsea diving services provider Zamil Mermaid and offshore platforms services provider SBS Oceanics. <\/p>\n

Why this matters: <\/strong>Logistics and transport is among key strategic sectors prioritized by the PIF to help bring in revenue, know-how, and job localization, according to its 2021-2025 strategy (pdf)<\/a>. Other strategic sectors include automotive, renewable energy, aerospace, and defense, metals and mining and others under the Kingdom\u2019s diversification plan.<\/p>\n

Not their first collaboration:<\/strong> The PIF and Zamil Investments<\/a> \u2014 a wholly owned unit of Zamil Group \u2014 were among selling shareholders in oil and gas driller company Ades\u2019 IPO last year. Ades went public last fall<\/a> in a high-profile IPO on the Tadawul orchestrated by the PIF. The PIF bought the London-listed driller and took it private ahead of the transaction. The USD 1.2 bn IPO was priced at the top of the range<\/a> after heavy interest from both institutional and individual buyers, making it the Kingdom\u2019s biggest IPO in 2023<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Logistics and transport is among key strategic sectors prioritized by the PIF<\/p>\n","protected":false},"author":1,"featured_media":83610,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,238,14,1151,1152,1154,1153],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-logistics","tag-ma-watch","tag-public-investment-fund-pif","tag-zamil-group","tag-zamil-investments","tag-zamil-offshore","wpautop","entry"],"acf":{"mongo_id":"e3c039aa-21a5-4d73-8d80-69af6a1aeca7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1873.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF finalizes 40% acquisition of Zamil Offshore to help meet growing demand for offshore services","related_issue":[83599],"teaser":"Logistics and transport is among key strategic sectors prioritized by the PIF","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.280c9d3a-3529-4316-9585-3687d5ad1509.mp3"},"yoast_head":"\nPIF acquires 40% of Zamil Offshore - 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