Saudi Arabia’s Public Investment Fund (PIF) recently announced the establishment of the Smart Accommodation for Residential Complexes Company (Sarcc), a new property developer and operator of housing for the staff of major construction and development projects across the Kingdom. The company will meet the growing demand for accommodation solutions for both public and private projects throughout the country.
Boosting Saudi accommodation market
PIF’s Sarcc will be instrumental in leading the evolution of the accommodation market by developing and operating complexes for staff in Saudi Arabia. The company will seek opportunities to invest in the sector to further bolster standards for staff housing.
“The staff accommodation market represents a significant opportunity, due to growing demand in the local market. Sarcc will play an important role in meeting the increasing need for accommodation solutions in Saudi Arabia, creating new opportunities for companies in the private sector,” stated Khalid Johar, co-head of the local real estate portfolio department at PIF.
Sarcc’s accommodations will also meet the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development’s (EBRD) international standards.
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Fostering private sector growth
The company will foster the Saudi private sector by enabling long-term investment and partnership along the industry’s value chain. This includes service providers across multiple sectors including construction, catering, transportation, and retail.
PIF’s Sarcc will also contribute to attracting talent and partners to various sectors in Saudi Arabia, including major building and construction projects. The company also seeks to attract investments by providing modern, quality accommodations with suitable amenities, facilities, and services for workforces.
“As we see the rise in construction projects across the country, PIF is playing a key role in developing and transforming the underlying infrastructure of the nation,” added Johar.
The announcement will support PIF infrastructure and services in construction and real estate projects across Saudi Arabia, including ROSHN Group, Saudi Downtown Company, and New Murabba Development Company.
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