The Saudi Public Investment Fund (PIF) announced its plans to increase investment in the private sector, especially in real estate.
The Fund recently announced strategy to increase assets, launch new sectors, and localize technologies.
PIF also established more than 15 real estate companies and a number of mega projects in 13 different regions, which provide for over one million jobs in the tourism sector, 500,000 in hospitality, and 88,000 in the construction sector.
The Fund established the Saudi Real Estate Refinance Company (SRC) that aims to enhance the performance of the real estate market, increase its contribution to GDP, and raise the rate of homeownership among Saudis.
The Company is designed to stimulate housing sector development in the Kingdom by injecting liquidity in the real estate market, with the aim to reduce oil dependency.
PIF also launched Roshn real estate, a national company that specializes in developing integrated urban neighborhoods containing residential communities with modern standards across the Kingdom.
Roshn aims to meet the demand for new housing supply, develop integrated neighborhoods, localize international best practices, incorporate the latest technologies in construction, and enhance the quality of life in various parts of the Kingdom.
Through its real estate projects, PIF aims to develop urban models that meet modern needs in major cities, develop housing projects to bridge the gap between supply and demand, and attract local and foreign capital.
