JLL inks MoU for transparency in Saudi real estate
JLL will assist the Dammam-based chamber to improve the quality and accuracy of data being collected and shared in the real estate market
Real estate consultancy JLL signed a memorandum of understanding (MoU) with the Saudi Eastern Province Chamber of Commerce & Industry to improve transparency in the region’s real estate market.
As an independent consultant, JLL will assist the Dammam-based chamber to improve the quality and accuracy of data being collected and shared in the market by collaborating directly with major retailers, developers, hoteliers and Government bodies amongst others.
The Eastern Province Chamber of Commerce & Industry, represented by the Housing and Urban Development Committee, has been a supportive partner to this initiative.
Ali Mohsen, head of Eijad Holding and member of the committee, commented: “The committee 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.
"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.”
Commenting on the new MoU, Jamil Ghaznawi, national director and country head of JLL Saudi Arabia, said: “We are delighted to partner with the Dammam-based Eastern Province Chamber and look 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. 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.”