PIF sets up real estate firm to meet demand for staff accommodations

SARCC seeks to fulfill the growing demand for the workers’ housing solutions, while providing services to public and private projects across the Kingdom, the sovereign fund said in a statement.

SARCC will play a significant role in real estate development across the Kingdom by establishing and operating housing complexes for various categories of workers. Further, the company, through its investments, will enhance worker housing standards by developing and operating projects, aligning with the international standards issued by the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC)—part of the World Bank Group.

The company will also bolster the private sector’s role by enabling investments and partnerships across the entire value chain, including service providers in various fields such as construction, catering, transportation, and retail.

SARCC will also attract skilled candidates and partners across different business sectors, including major construction projects, by providing high-quality, modern housing with the best amenities.

Residential complexes represent a significant opportunity for workers, given that the demand level far exceeds the supply in the local market, said Khalid Johar, Co-Head of the Local Real Estate Portfolio Department at PIF.

SARCC will help meet the demand for housing solutions in the Kingdom and provide more business opportunities for the private sector. The Saudi sovereign fund continues to play a key role in driving the transformation and development efforts as regards the main infrastructure projects.

The fund's efforts to develop infrastructure as well as supporting services related to construction and real estate development projects in the Kingdom, including Roshn Group, Saudi Downtown Company, and New Murabba Development Company.