Riyadh, October 20, 2024 – The Public Investment Fund (PIF) announced the launch of a new entity, the Smart Accommodation for Residential Complexes Company (SARCC), in a press release issued today. SARCC has been established as a property developer and operator, with a specific focus on providing high-quality housing solutions for staff working on major construction and development projects across Saudi Arabia. The creation of SARCC comes in response to the rising demand for employee accommodation driven by numerous large-scale public and private sector projects underway in the Kingdom.
According to the press release, SARCC is set to play a transformative role in the accommodation market, addressing the growing needs of construction staff and other workers across a range of industries. By developing and managing modern residential complexes, the company aims to raise the standards of staff housing, providing living spaces that meet internationally recognized benchmarks.
The new company will adhere to standards set by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), ensuring that all accommodations it develops or sources meet stringent global requirements. This will not only improve the living conditions for workers but also contribute to raising the overall quality of workforce housing in Saudi Arabia.
Furthermore, SARCC is expected to bolster the Saudi private sector by fostering long-term investments and partnerships across the industry’s value chain. This includes collaboration with service providers in sectors such as construction, catering, transportation, and retail, all of which are essential to the smooth operation of large-scale residential complexes. By engaging with these sectors, SARCC will create opportunities for private companies to participate in the country's expanding construction and development initiatives.
In addition to improving housing standards, SARCC will help attract talent and partnerships from both local and international markets, particularly in the building and construction sectors. The company will offer modern, well-equipped accommodations with appropriate amenities and services, making Saudi Arabia an attractive destination for skilled workers and professionals involved in major development projects.
Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, highlighted the immense potential of Saudi Arabia’s staff accommodation market. With local demand rising and numerous construction projects underway, SARCC is positioned to meet this growing need by offering innovative accommodation solutions. Johar emphasized that the initiative will open new opportunities for private sector companies to invest and participate in the ongoing development of the Kingdom’s infrastructure, which PIF is actively helping to shape.