PIF sets up firm to boost housing
01 September 2020
The Public Investment Fund (PIF) has launched Roshn, a national company that will develop world-class integrated urban communities across the kingdom. The new company will play a leading role in raising the home ownership level in Saudi Arabia to 70 per cent.
Through its mandate of developing integrated communities that follow leading international principles and practices in community planning and design, Roshn will contribute to growing the domestic housing market to meet increasing demand, and also help localise global best practices to raise standards of living.
Roshn will create shared public spaces in an environment suited for all ages to live, work and play while respecting the local culture. In addition, it will reinforce PIF’s contribution to strategic partnership opportunities between the private sector and investors, where the projects will adopt and deploy innovative construction methods and infrastructure provision techniques while also helping to enhance the industry’s local content standards.
The company’s establishment is part of PIF’s investment strategy, outlined in the PIF Program (2018-2020), to contribute to Vision 2030 by supporting the country’s home ownership level to 70 per cent and improving standards of living, where the company will develop urban communities for Saudi citizens.
The construction of these properties, together with the requirement for supporting infrastructure, amenities and ongoing maintenance services, will also contribute in creating jobs in the different construction areas in the kingdom, PIF said.
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