A recently signed memorandum of understanding (MoU) between professional services and investment management firm JLL and the Saudi Eastern Province Chamber of Commerce and Industry aims to make the residential, retail and office and hospitality real estate industries in the region more transparent.
JLL will work with the Damman-based chamber to improve the accuracy of information gathered within the market by partnering directly with government agencies, hoteliers, major retailers and others.
Tthe Eastern Province Chamber of Commerce and Industry was represented by the Housing and Urban Development Committee in the MoU.
“The Committee on Housing and Urban Development was formed from a group of leading developers in the Eastern Province who took it upon themselves to support initiatives that promote transparency and accessibility of information as this has a positive impact on the economy in general, particularly the real estate development sector ... as we are in the process of a strategic shift in this promising sector,” Ali Mohsen, head of Eijad Holding and a member of the committee, said. “Taking into account the ambitious goals of the Saudi Vision 2030 and the importance of this sector and its role in achieving them ... JLL is one of the first entities that aligned its vision with us, and given its experience and excellence in real estate reporting, we are confident that this report will be a good addition contributing to the maturing of the market and determining its direction.”
“We are delighted to partner with the Damman-based Eastern Province Chamber and look forward to work with them in supporting transparency across the Eastern Region's real estate market,” said
Jamil Ghaznawi, national director and country head of JLL Saudi Arabia said JLL is delighted to partner with the Damman-based Eastern Province Chamber and looks forward to work with them in supporting transparency across the Eastern Region's real estate market.
“This MoU is part of a series of JLL Saudi initiatives to support greater real estate market transparency across the kingdom," Ghaznawi said. "Such collaborative initiatives will enable stakeholders to gain valuable insights in regards to market sentiment and challenges. We are hopeful that this initiative will aid decision-making processes and contribute towards the economic development of the province.”
“It is encouraging to note that the recently announced 'Saudi Vision 2030' indicates a greater emphasis on market transparency,” Ghaznawi said. “We believe our existing partnerships with King Abdulaziz University, Jeddah Chamber of Commerce and Industry and now with the Eastern Province Chamber of Commerce and Industry will together form a strong foundation towards creating an environment for greater transparency in the Kingdom's real estate market. Going forward, JLL would look at partnering with more stakeholders and further enhance our transparency drive in the Saudi real estate market.”