The Saudi Public Investment Fund (PIF) has established 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 Saudi Arabia.
The company will meet the growing demand for accommodation solutions for both public and private projects throughout the country. Sarcc will be instrumental in leading the evolution of the accommodation market, through developing and operating complexes for staff in Saudi Arabia.
The company will seek opportunities to invest in the sector, in order to strengthen standards for staff housing. Accommodations provided or sourced by sarcc will be designed to meet recognized international standards set by the International Finance Corporation (IFC), part of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD).
Khalid Johar Co-head Local Real Estate Portfolio Department, PIF
“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. 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.”
The company will foster the Saudi private sector by enabling long-term investment and partnership along the industry’s value chain, encompassing service providers across multiple sectors including construction, catering, transportation and retail.
Sarcc will contribute to attracting talent and partners to various sectors in Saudi Arabia, including major building and construction projects, by providing modern, quality accommodations with suitable amenities, facilities and services for their workforces.
The newly formed company will support PIF infrastructure and services linked to construction and real estate projects across Saudi Arabia, including ROSHN Group, Saudi Downtown Company and New Murabba Development Company.
