The Public Investment Fund (PIF) has announced the establishment of the Smart Accommodation for Residential Complexes Company (sarcc), a new developer and operator focused on staff housing for major construction and development projects in Saudi Arabia.
Sarcc aims to meet the growing demand for staff accommodation in public and private sector projects across the country. The company will focus on improving housing standards by developing and operating staff complexes that meet international standards set by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
Sarcc will support the Saudi private sector by encouraging long-term investments and partnerships across the industry’s value chain, including sectors such as construction, catering, transportation and retail. The company will also help attract talent and partners to Saudi Arabia by offering modern accommodations with appropriate amenities for the workforce.
Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, highlighted the growing demand for staff accommodation in the country, driven by the increasing number of construction projects. Sarcc will provide accommodation solutions and open new opportunities for private sector companies as Saudi Arabia continues to transform its infrastructure.
