The Public Investment Fund (PIF) unveiled on Sunday the launch of the Smart Accommodation for Residential Complexes Company (sarcc), the Saudi Press Agency (SPA) reported.
Sarcc represents a new property developer and operator aiming at providing housing solutions for staff involved in major construction and development projects across Saudi Arabia. The new company seeks to meet the growing demand for housing solutions and accommodation in both public and private sectors.
Thus, it will make a real difference and play a pivotal role in developing and operating complexes tailored for workers in the Kingdom. PIF stated that Sarcc’s accommodations will adhere to recognized international standards set by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
Therefore, the company will foster the Saudi private sector by boosting long-term investments and partnerships across the industry’s value chain. Moreover, the PIF-owned company will support service providers from various sectors, including construction, catering, transportation, and retail.
“The staff accommodation market presents a significant opportunity due to the increasing demand in the local market. Sarcc will be instrumental in addressing the rising need for accommodation solutions in Saudi Arabia, creating new prospects for companies in the private sector,” Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, said.
Johar also commended PIF’s unwavering support to Saudi Arabia’s transformation journey by establishing several infrastructure development projects.
In the light of this, Sarcc will enhance PIF’s infrastructure and services associated with construction and real estate projects across the Kingdom, including ROSHN Group, Saudi Downtown Company, and New Murabba Development Company.
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