Real Estate PIF worker housing company buys luxury compound By Neil Halligan January 21, 2025, 7:05 PM Supplied/Al Nakhla The Al Nakhla compound bought by Sarcc is set in 250,000 square metres of gardens Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. All units come fully furnished and are set within gardens spanning more than 250,000 square metres. Following the acquisition, Sarcc signed an agreement with Al Nakhla Investment to continue with its management of the resort. Sarcc was formed by Saudi’s Public Investment Fund (PIF) in October to develop and operate accommodation for workers employed on major projects in the kingdom. Saudi residential costs to keep rising with demand Health insurance shake-up for care in Northern Emirates Saudi Arabia plans cash pay-offs to cut public sector jobs It will also seek opportunities to invest in the worker accommodation sector and plans to involve private sector companies in construction, catering, transportation and retail. Projects worth $195 billion have been lined up in Riyadh, which is also at the heart of job creation and a magnet for young Saudis from elsewhere in the country. Industry professionals have described Saudi Arabia as one of the three biggest construction markets in the world, behind China and India, which have labour forces considerably larger than Saudi’s population of 36.9 million people.