**RIYADH, Saudi Arabia** – Mnzil, Saudi Arabia's first and leading tech-enabled workforce housing platform, The Development Group (TDG) and Capital Partners have launched a SAR 1 billion real estate fund. It will build purpose-built compounds for up to 50,000 workers.
Here's the headline: Mnzil will serve as strategic partner and exclusive operator. Meanwhile, TDG leads site selection and development, and Capital Partners manages the fund.
Why now? Vision 2030 is fueling growth in construction, logistics, industry and tourism. Consequently, demand for quality accommodation keeps climbing.
Furnished rooms, sports facilities, communal areas and open spaces will shape each compound. Additionally, on-site maintenance and administration will support daily life.
Development begins in Q4 2026, targeting Riyadh, Jeddah, Dammam, Khobar, Makkah and Madinah. Therefore, workers will live closer to their jobs and spend less time commuting.
Mnzil CEO Majeed Albabtain says workers' living conditions have not received the attention they deserve. Likewise, TDG CEO Talal Raqaban calls workforce accommodation essential infrastructure.
Capital Partners' Saud Al Rajhi sees a chance to make workforce housing an institutional asset class. His team will use built-to-suit leases to secure contracted rental income.
Mnzil already houses over 30,000 workers for 250-plus clients across 30-plus cities, including Amazon, Noon and Nestlé. Founders Fund backs the company, marking its first Saudi investment.
Ultimately, this fund aims to give workers better places to rest, connect and feel at home.
