Logo of Public Investment Fund (PIF)
Nesma & Partners Contracting Co., which is partially owned by the Public Investment Fund (PIF), signed today, Aug. 1, a deal to acquire Dubai-based energy firm Kent.
The agreement is still subject to obtaining regulatory approvals and completing the required procedures, which are expected to be finalized by the end of the year, according to a statement.
Kent is an energy engineering and project management company owned by the private sector. It received support from global energy investment firm Blue Water Private Equity in 2015. Since then, the company's revenues grew by a tenfold and saw a remarkable growth over the last two years following the acquisition of the oil and gas business SNC-Lavalin in 2021. Kent's revenues currently stand at $1.4 billion.
Last February, PIF announced a plan to invest SAR 5 billion by way of subscribing to new shares as part of the capital increase, representing significant minority stakes, in four leading local construction companies: Nesma & Partners, ElSeif Engineering Contracting Co., AlBawani Holding Co., and Almabani General Contractors Co., according to Argaam's data.
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