Dubai: Saudi Arabia’s Public Investment Fund (PIF) launches a new property development company aimed at providing housing for workers on major construction projects.
The smart accommodation for residential complexes company (SARCC) will meet the rising demand for housing solutions in both public and private sector initiatives as the country pursues its extensive infrastructure development plans.
SARCC intends to revolutionise the staff housing sector by creating and managing complexes that adhere to international standards set by the international finance corporation and the european bank for reconstruction and development.
PIF seeks to transform key sectors through significant investments in infrastructure, real estate, technology, and renewable energy, both domestically and globally.
With an emphasis on fostering innovation and strengthening the private sector, PIF has initiated various programmes to develop local industries, generate jobs, and attract foreign investments, as reported by Saudi news agency Arab News.
The fund’s strategy aims to establish Saudi Arabia as a global investment leader while supporting national projects that contribute to sustainable economic growth. The new company will focus on nurturing long-term investments and partnerships across diverse sectors, including construction, catering, transportation, and retail.
This announcement is part of PIF’s broader mission to enhance infrastructure and real estate services associated with significant projects, including those managed by its ROSHN Group, Saudi Downtown Co., and New Murabba Development Co.
These initiatives are vital to PIF’s goal of expanding its assets under management to $2 trillion (Dh7.3 trillion) by 2030, positioning it among the largest sovereign wealth funds globally.
Additionally, PIF aims to create 1.8 million direct and indirect jobs Saudi Arabia while investing $40 billion (Dh146 billion) annually in domestic projects by 2025 to fuel economic growth.
