Founded in 1971, Masdar claims to be a leader in building and construction materials in the Kingdom, with 105 outlets. It also operates four fabrication units to produce fasteners, cold- and hot-rolled flat metal products, long steel products, and wooden panel customization.

The PIF said its investment would enable Masdar to transform its operations through digital technology, improving operational efficiency.

The company also aims to expand its operations, build new strategic partnerships, and increase the role of local suppliers and business in serving the building materials market.

Ahmad AlGhamdi, head of construction and building materials 鈥� MENA Investments at PIF, said, 鈥淭he investment in Masdar will contribute to reinforcing local supply chains by unlocking capabilities in the construction and building components and services sector, one of PIF鈥檚 strategic sectors.鈥�

Faisal Al-Muhaidib, Masdar CEO, said: 鈥淎s a leading building and construction materials company in Saudi Arabia, we look forward to partnering with PIF to play a vital role in supporting the growth and development of the sector by scaling up our capabilities and meeting current and upcoming demand.

鈥淭he construction and building components and services sector is one of the most important and promising sectors in Saudi Arabia, and PIF鈥檚 investment will accelerate and unlock Masdar鈥檚 growth, enabling us to scale our capabilities and maintain our leading position by offering products via our exceptional distribution network.鈥�