PIF Unit sarcc Acquires Al Nakhla Residential Resort in Landmark $666 Million Deal

Smart Accommodation for Residential Complexes Company (sarcc), a subsidiary of the Public Investment Fund of Saudi Arabia, has made a significant acquisition with the purchase of the Al Nakhla Residential Resort in Riyadh for $666.28 million. This move is aligned with the PIF's Vision 2030 strategy, which emphasizes transformative developments in various sectors including employee accommodation. The Al Nakhla Residential Resort is celebrated for its luxurious amenities and strategic location, and sarcc aims to maintain its reputation as a premier living space for senior management professionals. The acquisition deal includes a resort management agreement with Al Nakhla Investment to ensure the continuity of high standards in operations. Sarcc's CEO Mark Taylor emphasized the strategic importance of this acquisition in enhancing residential quality and lifestyle experience. Salama Bin Melahi Bin Saidan, Chairman of Al Nakhla Investment, expressed pride in partnering with sarcc to optimize the employee accommodation sector and operational standards.