Smart Accommodation for Residential Complexes Company (sarcc), a PIF company, has achieved a significant milestone with the acquisition of Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($666.28 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, the company said.

 

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, it said.

 

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." - TradeArabia News Service