Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) established the Smart Accommodation for Residential Complexes Company (SARCC) to cater to the growing demand for accommodation solutions for both public and private projects across the Kingdom.
The new company will revolutionize the accommodation market by developing and operating complexes for staff in Saudi Arabia, the PIF revealed in a press release.
As the property developer and operator of housing for staff of major construction and development projects across the Kingdom, SARCC will seek opportunities to invest in the sector in order to strengthen standards for staff housing.
SARCC will further foster the 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.
Khalid Johar, Co-head of the Local Real Estate Portfolio Department at PIF and Chairman of SARCC, said: “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.”
He emphasized the PIF’s pivotal role in developing and transforming the underlying infrastructure of the Kingdom.
Moreover, SARCC will contribute to attracting talent and partners to various sectors, including major building and construction projects, by providing modern accommodations with suitable amenities, facilities, and services for their workforces.
