KSA’s PIF acquires 40% of Saudi’s Zamil Offshore

PIF grabs 40% of Zamil Offshore: KSA’s sovereign wealth fund The Public Investment Fund (PIF) finalized its acquisition of a 40% stake in leading offshore support services provider Zamil Offshore, according to a statement. The statement did not provide details on the financial value of the transaction.

Why is this important? Zamil Offshore is one of Saudi Arabia’s largest offshore support companies in terms of market share and fleet size, the statement notes. 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.

A tick for PIF: 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). Other strategic sectors include automotive, renewable energy, aerospace, and defense, metals and mining and others under the Kingdom’s diversification plan.