PIF has announced the establishment of Smart Accommodation for Residential Complexes Company (Sarcc), a new property developer and operator focused on housing for staff of major construction and development projects across Saudi Arabia. Sarcc aims to address the increasing demand for accommodation solutions for both public and private projects nationwide.

Sarcc will lead the accommodation market's evolution by developing and operating staff housing complexes in Saudi Arabia. The company plans to invest in the sector to enhance staff housing standards, adhering to international standards set by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

By fostering long-term investment and partnerships across the industry value chain, Sarcc will support the private sector, including service providers in construction, catering, transportation, and retail sectors. This initiative is expected to attract talent and partners to various sectors in Saudi Arabia, including major building and construction projects, by offering modern, quality accommodations with appropriate amenities and services for the workforce.

Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF, highlighted the staff accommodation market as a significant opportunity due to the growing local demand and PIF's key role in meeting the accommodation needs in Saudi Arabia and developing the nation's infrastructure.

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.