Riyadh, Saudi Arabia, 9th February 2026: Smart Accommodation for Residential Complexes Company (sarcc), a Public Investment Fund (PIF) company, announced today the signing of a non-binding Heads of Terms (HoT) with MAWREF Company to develop a 12,000-bed worker accommodation project in North Riyadh.

The proposed development will be delivered on a land area of approximately 120,000 square meters, with a total built-up area of 150,000 square meters and an estimated development cost of SAR 669 million. The first phase of operations is expected to commence in Q1 2029.

Commenting on the signing, James Atkinson, Acting CEO of sarcc, said: “This proposed development with MAWREF represents a significant step in advancing sarcc’s mission to deliver scalable, high-quality worker accommodation solutions across the Kingdom. The project reflects our commitment to enhancing workforce wellbeing while supporting the rapid growth of key sectors aligned with Saudi Arabia’s development priorities.”

Rami Alshaikh, CEO of MAWREF Company, added: “This partnership with sarcc marks an important milestone in advancing our long-term strategy. It complements MAWREF’s experience in the development and operation of workforce accommodation, industrial, and logistics assets, while expanding our portfolio through a partnership-led model with a leading national entity. Through this collaboration, we aim to deliver and operate safe, high-quality living environments that support workforce wellbeing, enhance productivity, and align with the Kingdom’s evolving standards for quality housing.”

The project underscores sarcc’s focus on delivering purpose-built, community-oriented accommodation solutions that respond to rising demand for workforce housing driven by Saudi Arabia’s expanding logistics and industrial sectors. Through collaboration with local partners such as MAWREF, which brings proven expertise in industrial and logistics real estate development and long-term operations management, sarcc continues to reinforce its commitment to local content and partnerships with leading private sector Saudi entities.

Through this proposed development, sarcc advances its mandate to create safe, secure, and high-quality living environments that enhance productivity, support the Public Investment Fund’s strategic objectives, and contribute to the broader goals of Vision 2030.