Saudi sovereign wealth fund PIF has announced the establishment of SARCC (Smart Accommodation for Residential Complexes Company), a new entity that will meet the growing demand for accommodation solutions for both public and private projects across the kingdom.

 

SARCC is a new property developer and operator of housing for staff of major construction and development projects across Saudi Arabia. It will be instrumental in leading the evolution of the accommodation market, through developing and operating complexes for staff in Saudi Arabia. 

 

According to PIF, 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), it stated.

 

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, it stated.

 

Today’s 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, said a top official.

 

"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," remarked Khalid Johar, the Co-Head of the Local Real Estate Portfolio Department at PIF. 

 

"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," stated Johar.

 

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, he added.-TradeArabia News Service