The new company seeks to meet the growing demand for housing solutions for workers, and to provide its services to public and private projects across the Kingdom, according to what was reported by the Saudi News Agency (SPA).
According to the fund’s statement reported by the official agency, the company will work, through its investments, to enhance the standards of workers’ housing by developing and operating projects at levels consistent with international standards issued by the European Bank for Reconstruction and Development (EBRD).EBRD), and the International Finance Corporation (IFC) of the World Bank.
“SAARC will play an influential role in the development of the sector in the Kingdom by investing in the sector and constructing and operating housing complexes for various categories of workers,” according to what the agency reported.
The fund stated that the company SAARC It will enhance the role of the private sector by enabling investment and partnerships extending across all value chains in the sector, including service providers in several fields such as construction, catering, transportation, and retail.
“The company will contribute to attracting qualified people and partnerships to various sectors in the Kingdom, including major building and construction projects, by providing quality and modern housing with the best amenities, facilities and services for work teams,” according to what the fund stated.
The Associate Managing Director of the Real Estate Projects Portfolio said Public Investment FundKhaled Johar, said, “Housing complexes for workers represent an important opportunity, given the level of demand that far exceeds supply in the local market, and SAARC will contribute to meeting the requirements for housing solutions in the Kingdom, and providing more business opportunities for the private sector, and with the increasing growth of projects we are witnessing.” Building and construction at the Kingdom level, the Fund continues its role in advancing transformation and development efforts in basic infrastructure.”
He added that the announcement of SAARC will support the fund’s efforts to develop infrastructure and support services related to construction and real estate development projects in the Kingdom, including “Roshen Group,” “Downtown Saudi Company,” and “New Square Development Company.”
