Real Estate

Smart Accommodation for Residential Complexes Company (sarcc) has signed a non-binding Heads of Terms agreement with MAWREF Company to develop a large-scale worker accommodation project in North Riyadh, aimed at strengthening workforce housing capacity in the Kingdom.

Sarcc, a portfolio company of the Public Investment Fund (PIF), said the planned project will deliver 12,000 beds on a site spanning approximately 120,000 square metres, with a total built-up area of about 150,000 square metres. The estimated development cost stands at SAR 669 million, with first-phase operations targeted to begin in Q1 2029.

According to sarcc, the project supports its mandate to provide scalable, purpose-built accommodation aligned with rising demand from Saudi Arabia’s expanding logistics and industrial sectors.

James Atkinson, Acting CEO of sarcc, said the proposed development marks a significant step in expanding high-quality workforce housing across the Kingdom and enhancing worker wellbeing while supporting national growth priorities.

MAWREF said the partnership complements its track record in developing and operating workforce accommodation, industrial, and logistics assets. The company added that the collaboration expands its portfolio through a partnership-led model with a national entity focused on quality housing standards.

Rami Alshaikh, CEO of MAWREF Company, said the project aims to deliver safe, well-managed living environments that support workforce productivity and align with the Kingdom’s evolving housing and regulatory standards.

Sarcc noted that partnerships with experienced local developers form a key part of its strategy to strengthen local content, deliver community-oriented accommodation, and contribute to long-term national development objectives under Vision 2030.

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