The Public Investment Fund announced today the establishment of the Smart Housing Company for Residential Complexes “SARK,” a real estate development and management company for residential complexes serving all categories of workers in major construction and development projects in the Kingdom. The company aims to meet the growing demand for housing solutions for workers and provide its services to public and private projects throughout the Kingdom.
SARK will play a significant role in the sector’s development in the Kingdom by investing in the sector and establishing and operating housing complexes for various categories of workers, Through its investments, the company will work to enhance worker housing standards by developing and operating projects in accordance with international standards issued by the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC)—which is part of the World Bank. SARK will strengthen the role of the private sector by facilitating investment and partnerships across the sector’s entire value chain, including service providers in various fields such as construction, catering, transportation, and retail.
The company will help attract talent and partnerships to various sectors in the Kingdom, including major construction and development projects, by providing high-quality, modern housing with the best amenities, facilities, and services for work teams.
A co-director of the real estate project portfolio at Public Investment Fund Khalid Juhar, explained that residential complexes for workers represent a significant opportunity, given that demand far exceeds supply in the local market. SARK will help meet the Kingdom’s housing needs, and creating more business opportunities for the private sector. With the growing number of construction projects across the Kingdom, the Fund continues to play its role in driving transformation and development efforts in critical infrastructure.
He added that the announcement regarding SARK will support the Fund’s efforts to develop infrastructure and support services related to construction projects andreal estate development in the Kingdom, including “Roshon Group,” “Saudi Downtown Company,” and ”New Square Development Company.”
