Saudi’s huge influx of megaproject workers prompts creation of new housing company

Image: Public Investment Fund (PIF)

The PIF said it was establishing the Smart Accommodation for Residential Complexes Company (SARCC), a property developer and operator of housing for staff on major construction and development projects across the Kingdom.

The company aims to meet demand for accommodation on both public and private projects.

PIF said it would support infrastructure and services linked to construction and real estate projects across Saudi Arabia, including: Roshn Group, a real estate developer in charge of delivering 400,000 homes across Saudi Arabia by 2030; Saudi Downtown Company, which is in charge of 12 mixed-use projects across 11 regions of the Kingdom; and New Murabba Development Company, which is building The Mukaab, a huge 400m tall and 400m wide cube city as a centrepiece of a new downtown in Riyadh.

The housing provided or sourced by SARCC will be designed to meet international standards set by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

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.”