PIF-owned Smart Accommodation for Residential Complexes Company (Sarcc) acquired Al Nakhla Residential Resort in a SAR 2.5 bn transaction with Al Nakhla Investment, the company said in a statement. The move comes as part of Sarcc’s drive to improve worker accommodation in the Kingdom.

New ownership, same resort: The PIF subsidiary also entered into a management agreement with Al Nakhla Investment which will cover the resort’s leasing, maintenance and marketing. Despite the ownership change, Sarcc looks to maintain the resort’s reputation as a “premier residential destination for senior management professionals,” the statement said.

Background: Sarcc was set up in October to address the housing needs of public and private sector staff working in major construction and development projects nationwide.

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