Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) established Smart Accommodation for Residential Complexes Company (sarcc), according to a press release.
Sarcc, a new property developer and operator of housing for staff of major construction and development projects, will meet the growing demand for accommodation solutions for both public and private projects across the Kingdom.
The new venture seeks opportunities to invest in the sector to reinforce standards for staff housing.
The company will foster the Saudi private sector by enabling long-term investment and partnership along the industry's value chain.
The announcement 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.
Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, said: “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.”
Earlier this month, Roshn Group secured a SAR 9 billion syndicated credit facility to anchor its growth and expansion plans.
