Smart Accommodation for Residential Complexes Company, a PIF company, has successfully acquired the prominent Al-Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million).
This pivotal deal reflects sarcc’s alignment with PIF’s broader strategy, which directly supports Vision 2030. Through this move, sarcc is transforming employee accommodation in Saudi Arabia and reaffirming its mission to transform living spaces into innovative, world-class communities that foster professional success and enhance well-being.
Following the acquisition, sarcc has entered into a comprehensive resort management agreement with Al-Nakhla Investment to ensure continued operational excellence in leasing, marketing, and maintenance.
Mark Taylor, CEO of sarcc, said: “The acquisition of Al-Nakhla Residential Resort and our partnership with Al-Nakhla Investment Company represents a pivotal moment for sarcc as we aim to set new benchmarks in residential excellence. The resort’s exceptional facilities and award-winning reputation align seamlessly with our vision to create vibrant communities that enhance quality of life.”
Salama bin Melahi bin Saidan, chairman of Al-Nakhla Investment, added: “We are proud to collaborate with sarcc in its mission to revolutionize the employee accommodation sector.”
By leveraging our expertise, we aim to elevate operational standards and provide an unmatched living experience for Al-Nakhla residents.”
Al-Nakhla Residential Resort is known for its luxurious design, strategic location in Northern Riyadh, and world-class amenities. sarcc is committed to maintaining the resort’s reputation as a premier residential destination for senior management professionals, seeking to fulfill its promise of providing safe and secure living spaces that enhance the well-being and productivity of Saudi Arabia’s talent. Furthermore, the company remains dedicated to contributing to Saudi Arabia’s local content by partnering with local players to deliver exceptional employee accommodation facilities.
