SAARC signs an employee housing project agreement worth 670 million riyals
The Smart Residency Company for Residential Complexes (SAARC), one of Public Investment Fund, signing an initial non-binding agreement to develop a housing project for employees in northern Riyadh with a capacity of 12,000 beds.
According to the agreement, the proposed project will be built on a plot of land with an area of 120,000 square meters, with a total building area of 150,000 square meters, and an estimated development cost of 669 million riyals, with the first phase of operations starting during the first quarter of 2029.
Commenting on the signing of the agreement, James Atkinson, acting CEO of SAARC, said: "This agreement represents a pivotal step in SAARC’s efforts towards providing high-quality, scalable housing solutions throughout the Kingdom. This project reflects our commitment to enhancing the well-being of the workforce and supporting the rapid growth of key sectors in line with Saudi Arabia’s development priorities"
This project confirms SAARC’s focus on providing Housing solutions are specifically designed to meet the needs of the community, and respond to the growing demand for workforce housing as a result of the expansion of the logistics and industrial sectors in the Kingdom of Saudi Arabia.
Through cooperation with local partners, SAARC continues to strengthen its commitment to local content and partnerships with leading Saudi entities in Private Sector.
Through this project, SAARC also strengthens its mission to create safe, high-quality living environments that contribute to raising productivity, support the strategic objectives of the Public Investment Fund, and achieve the goals of Vision 2030.
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