RIYADH — The Public Investment Fund (PIF) announced on Sunday the establishment of the Smart Accommodation for Residential Complexes Company (sarcc), a new property developer and operator focused on providing housing solutions for staff involved in major construction and development projects across Saudi Arabia.

This initiative aims to meet the growing demand for accommodation in both public and private sectors throughout the country.

Sarcc will play a pivotal role in the evolution of the accommodation market by developing and operating complexes tailored for workers in Saudi Arabia.

The company plans to invest in the sector to elevate standards for staff housing. Accommodations provided or sourced by Sarcc will adhere to 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).

The company will support the Saudi private sector by fostering long-term investments and partnerships across the industry's value chain, engaging service providers from various sectors, including construction, catering, transportation, and retail.

Sarcc is committed to attracting talent and partners to various sectors in Saudi Arabia, particularly in significant building and construction projects, by offering modern, high-quality accommodations equipped with essential amenities and services for their workforces.

Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, stated: “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. With the surge in construction projects across the nation, PIF is playing a key role in developing and transforming the underlying infrastructure of the country.”

Today’s announcement will enhance PIF's infrastructure and services associated with construction and real estate projects across Saudi Arabia, including initiatives from ROSHN Group, Saudi Downtown Company, and New Murabba Development Company. — SG