Riyadh, Saudi Arabia — Saudi Arabia’s sovereign wealth fund, PIF, has announced the establishment of the Smart Accommodation for Residential Complexes Company (sarcc), a new property developer and operator of housing for staff of major construction and development projects across the kingdom.
The company is poised to address the growing demand for accommodation for various public and private projects in the country.
In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
The company aims to invest in the sector to improve staff housing standards.
“Accommodations provided or sourced by sarcc will meet recognized international standards set by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD),” the release stated.
The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry’s value chain, including service providers in sectors such as construction, catering, transportation, and retail.
Moreover, sarcc will help attract talent and partners to various sectors in Saudi Arabia, particularly for major building and construction projects, by offering modern, quality accommodation with suitable amenities and services for the workforce.
In a statement, Co-Head of the Local Real Estate Portfolio Department at PIF Khalid Johar emphasized that the staff accommodation market in Saudi Arabia presents a significant opportunity due to rising local demand. sarcc will help meet the growing need for accommodation solutions, offering new opportunities for private sector companies. With increased construction projects nationwide, PIF is actively involved in developing and transforming the country’s underlying infrastructure.
PIF sets up sarcc company
- In a statement, PIF said sarcc will play a key role in transforming the accommodation market by developing and operating complexes for staff in Saudi Arabia.
- The company will foster the Saudi private sector by facilitating long-term investment and partnerships throughout the industry's value chain.
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