RIYADH, Oct 20 (Arab News): Saudi Arabia's Public Investment Fund has established a new property developer focused on housing for staff involved in major construction projects.
The Smart Accommodation for Residential Complexes Co. will address the growing demand for housing solutions in both public and private sector projects as the Kingdom continues its extensive infrastructure expansion.
SARCC will transform the staff housing market by developing and managing complexes that meet international standards established by the International Finance Corp. and the European Bank for Reconstruction and Development.
"The staff accommodation market presents a significant opportunity due to increasing local demand," said Khalid Johar, co-head of the Local Real Estate Portfolio Department at PIF.
"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," he added.
PIF aims to transform key sectors through substantial investments in infrastructure, real estate, technology, and renewable energy, both domestically and internationally.
With a focus on fostering innovation and boosting the private sector, PIF has launched various initiatives to develop local industries, create jobs, and attract foreign investment.
The fund's strategy centers on positioning Saudi Arabia as a global investment powerhouse while supporting national projects that drive long-term economic growth. The new company will cultivate long-term investments and partnerships across the value chain, involving sectors such as construction, catering, transportation, and retail.
By providing modern accommodations with suitable amenities and services, SARCC aims to attract talent and partners to the Kingdom's major development initiatives.
This announcement is part of PIF's broader efforts to enhance infrastructure and real estate services linked to key projects, including those under its ROSHN Group, Saudi Downtown Co., and New Murabba Development Co.
ROSHN Group focuses on building large-scale residential communities across the Kingdom, supporting Saudi Arabia's housing sector and urban development goals. Saudi Downtown Co. aims to revitalize urban centers by developing mixed-use projects in 12 cities, promoting local economic activity and tourism. Meanwhile, New Murabba Development Co. is leading the creation of a vast, sustainable mixed-use district in Riyadh, anchored by the world's largest modern downtown development.
These initiatives are central to PIF's goal of expanding its assets under management to $2 trillion by 2030, positioning it among the largest sovereign wealth funds globally. Additionally, PIF plans to create 1.8 million direct and indirect jobs in the Kingdom while investing $40 billion annually in domestic projects by 2025 to drive economic growth.
