Smart Accommodation for Residential Complexes Company (sarcc), a unit of Saudi sovereign wealth fund PIF, announced today (February 17) the signing of a non-binding Heads of Terms (HoT) with Tamimi Global Company for the development of a 4,000-bed staff accommodation project in North Riyadh.
The proposed complex will come up on a 142,000 sq m plot at an estimated development cost of SAR1.52 billion ($405 million).
According to sarcc, the first phase of operations is expected to begin in Q1 2029.
James Atkinson, the Acting CEO of sarcc, said the deal represents an important step forward for sarcc as it continues to expand the group's portfolio of high-quality staff accommodation projects.
"It aligns with our broader objectives of supporting workforce wellbeing, enhancing living standards, and enabling sustainable growth across the kingdom," he stated.
Faisal Al Sayegh, Vice President at Tamimi Global Company, said this Head of Terms establishes a joint development framework based on equal partnership and shared governance.
"Tamimi global brings extensive experience in the development, operation and long term management of residential assets in Saudi Arabia. Together with sarcc, we aim to deliver a benchmark project that combines functionality, sustainability, and resident wellbeing, in line with the Kingdom’s long term development objective," he stated.
The staff accommodation, which boasts a total built-up area of 201,000 sq m, emphasizes sarcc’s focus on delivering purpose-built, community-focused accommodation that responds to the growing demand for staff housing driven by Saudi Arabia’s development agenda.
Through collaboration with local partners such as Tamimi Global Company, sarcc continues to strengthen its commitment to local content, ensuring projects are delivered in partnership with leading Saudi entities, stated Atkinson.
Through this proposed development, sarcc advances its mandate to create safe, secure, and high-quality living environments that support productivity and contribute to the Public Investment Fund’s strategy, while also contributing to the goals of Vision 2030, he added.-TradeArabia News Service