The Public Investment Fund (PIF) has recently launched a new property developer and operator called the Smart Accommodation for Residential Complexes Company (SARCC), which aims to provide housing solutions for staff involved in major construction and development projects across Saudi Arabia. This initiative comes in response to the growing demand for accommodation in both public and private sectors throughout the country. SARCC will focus on developing and operating complexes tailored for workers in Saudi Arabia, with accommodations that meet international standards set by the World Bank Group and the European Bank for Reconstruction and Development.
The company plans to invest in the sector to elevate standards for staff housing and support the Saudi private sector by fostering long-term investments and partnerships across the industry’s value chain. SARCC will engage service providers from various sectors including construction, catering, transportation, and retail to provide essential amenities and services for their workforces. By offering modern, high-quality accommodations, SARCC aims to attract talent and partners to various sectors in Saudi Arabia, particularly in significant building and construction projects.
Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, emphasized the significant opportunity presented by the staff accommodation market in the local market. SARCC will address the rising need for accommodation solutions in Saudi Arabia, creating new prospects for companies in the private sector. With the increase in construction projects across the nation, PIF is actively involved in developing and transforming the underlying infrastructure of the country, including initiatives from ROSHN Group, Saudi Downtown Company, and New Murabba Development Company.
The establishment of SARCC will enhance PIF’s infrastructure and services associated with construction and real estate projects across Saudi Arabia. By providing modern and high-quality accommodations for staff involved in construction and development projects, SARCC aims to meet the growing demand for accommodation in both public and private sectors throughout the country. The company will adhere to recognized international standards set by the World Bank Group and the European Bank for Reconstruction and Development to elevate the standards for staff housing in Saudi Arabia.
In addition to developing and operating complexes tailored for workers in Saudi Arabia, SARCC will support the Saudi private sector by fostering long-term investments and partnerships across the industry’s value chain. The company will engage service providers from various sectors including construction, catering, transportation, and retail to provide essential amenities and services for their workforces. By attracting talent and partners to various sectors in Saudi Arabia, SARCC aims to play a pivotal role in the evolution of the accommodation market in the country.
Overall, the launch of SARCC by PIF signifies a significant step towards addressing the rising demand for accommodation solutions in Saudi Arabia. By offering modern and high-quality accommodations equipped with essential amenities and services, SARCC aims to create new prospects for companies in the private sector and support the Saudi private sector through long-term investments and partnerships. Through initiatives like SARCC, PIF is actively involved in developing and transforming the underlying infrastructure of the country, particularly in the field of construction and real estate projects.
