Saudi Arabia’s Public Investment Fund (PIF) has created a company to act as a property developer and landlord for workers at major construction sites.
The Smart Accommodation for Residential Complexes Company (SARCC) will offer its services to public and private projects. Its aim is to increase the standard of accommodation offered to the level set by the International Finance Corporation and European Bank for Reconstruction and Development.
SARCC hopes that this move will help to attract more foreign talent to the kingdom’s numerous megaprojects.
The company plans to enable long-term investment throughout the construction industry, as well as areas such as catering, transport and retail.
Khalid Johar, PIF’s co-head of local real estate, said: “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.”
