Smart Accommodation for Residential Complexes Company (sarcc), a unit of Saudi sovereign wealth fund PIF, has signed two non-binding Heads of Terms (HoTs) worth SAR2.2 billion ($586.3 million) for the development of workers’ residential complexes in North Riyadh.

The first deal was signed with Tamimi Global Company for the development of a 4,000-bed staff accommodation on a 142,000-sq-m plot at an estimated development cost of SAR1.52 billion.

The second one was signed with Mawref Company for a 12,000-bed worker accommodation to be set up at an investment of SAR669 million. The proposed development will come up on a 120,000 sq m area. 

The staff accommodation, which boasts a total built-up area of 201,000 sq m, highlights 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.  

On the strategic partnership, 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 noted.

Through collaborations with local partners such as Tamimi Global Company and Mawref, sarcc continues to strengthen its commitment to local content, ensuring projects are delivered in partnership with leading Saudi entities, stated Atkinson.

Phase One of operations in both the projects is expected to kick off in Q1 2029, he added.