Set to commence development in 2029, the project will deliver 4,000 beds on a 142,000 sqm site in prime location in North Riyadh
Riyadh, Saudi Arabia, 17 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 Tamimi Global Company Limited (TAFGA) to develop a 4,000-bed staff accommodation project at the site in North Riyadh.
The proposed development will be delivered on a land area of approximately 142,000 square meters, with a total built-up area of 201,000 square meters and an estimated development cost of SAR 1.52 billion. The first phase of operations is expected to commence in Q1 2029.
Commenting on the signing, James Atkinson, Acting CEO of sarcc, said: “This deal with Tamimi Global represents an important step forward for sarcc as we continue to expand our 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.”
Faisal Al Sayegh, Vice President at Tamimi Global Company Limited, added: “This Head of terms establishes a joint development framework based on equal partnership and shared governance. Tamimi global brings extensive experience in the development, operation, and long term management of residential assets in Saudi Arabia. Together with sarcc, we aim to deliver a benchmark project that combines functionality, sustainability, and resident wellbeing, in line with the Kingdom’s long term development objective.”
The project emphasizes 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. Through collaboration with local partners such as TAFGA, sarcc continues to strengthen its commitment to local content, ensuring projects are delivered in partnership with leading Saudi entities.
Through this proposed development, sarcc advances its mandate to create safe, secure, and high-quality living environments that support productivity and contribute to the Public Investment Fund’s strategy, while also contributing to the goals of Vision 2030.