The company will address growing local demand

RIYADH: PIF announced today the establishment of the Smart Accommodation for Residential Complexes Company (sarcc), a new property developer and operator of housing for staff of major construction and development projects across Saudi Arabia. The company will meet growing demand for accommodation solutions for both public and private projects throughout the country.

Sarcc will be instrumental in leading the evolution of the accommodation market, through developing and operating complexes for staff in Saudi Arabia. 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).

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.

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.

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. 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.”

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.

ABOUT PIF

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, PIF’s board of directors has been chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF plays a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 95 companies. PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least SAR150 billion annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm of Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with significant international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

More information about PIF can be found at: www.pif.gov.sa

Media Contact: media@pif.gov.sa