PIF targets 200,000 housing units, 90,000 hotel rooms: exec

Saad Alkroud, Head of the Local Real Estate Investment Division at PIF, said the fund is committed to investing SAR 1 trillion over the next five years

The Public Investment Fund’s (PIF) strategy aims to develop 200,000 housing units and add 90,000 new hotel rooms over the next five years, said Saad Alkroud, Head of the Local Real Estate Investment Division.

In his interview with Al Arabia TV, he said the plan runs alongside the development of infrastructure, including airports and ports, to foster competitive economic ecosystems that ensure value integration and encourage private sector participation.

He noted that the next phase will strategically focus on achieving national economic targets through the real estate sector, highlighting that the PIF continues to implement ambitious plans encompassing infrastructure development and increased private-sector engagement.

Alkroud added that the fund is committed to investing SAR 1 trillion over the next five years, creating opportunities for the private sector to participate as investors, financiers, contractors, developers, or suppliers across the entire value chain.

He also mentioned the opening of eight coastal resorts at the Red Sea destination, with plans to expand to 16 resorts by Q1 2026, in addition to the King Salman Gate project developed by RUA AlHaram AlMakki Co. and Rua Al Madinah project, alongside achievements by PIF’s companies, such as ROSHN Group, which has launched 16,000 housing units to date.

Alkroud emphasized that these large-scale investments not only strengthen the local economy but also create job opportunities and build national capabilities across various engineering and service sectors, cementing the Kingdom’s position as a global destination for investment and tourism.