KSA, 12 May 2016 - JLL, the world's leading real estate investment and advisory firm, today signed a Memorandum of Understanding (MoU) with the Saudi Eastern Province Chamber of Commerce & Industry to improve transparency in the region's residential, retail, office and hospitality real estate market. As an independent consultant, JLL will assist the Damman-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 on this occasion that "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. Especially as we are in the process of a strategic shift in this promising sector. 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".
Commenting on the new MoU, Mr Jamil Ghaznawi, National Director and Country Head of JLL Saudi Arabia said: "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. 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."
Mr Jamil Ghaznawi added: "It is encouraging to note that the recently announced 'Saudi Vision 2030' indicates a greater emphasis on market transparency. We believe our existing partnerships with King Abdulaziz University, Jeddah Chamber of Commerce & Industry and now with the Eastern Province Chamber of Commerce & 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.
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Contact:
Jamil Ghaznawi / Kathryn Athreya
Manash Bhuyan / Vadia Rai
Phone:
+966 12 660 2555/+ 971 4 426 6999
+971 4 437 2105 / +971 4 437 2110
Email:jamil.ghaznawi@eu.jll.com/ kathryn.athreya@eu.jll.com
manash.bhuyan.@fticonsulting.com vadia.rai@fticonsulting.com
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About JLL MENA
Across the Middle East, North and Sub-Saharan Africa, JLL is a leading player in the real estate market and hospitality services market. The firm has worked in 35 Middle Eastern and African countries and has advised clients on real estate, hospitality and infrastructure projects worth over US$ 1 trillion in gross development value. JLL MENA employs over 220 internationally qualified professionals embracing 30 different nationalities across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah and Cairo. Combined with the neighbouring offices in Casablanca, Istanbul, Johannesburg, Lagos and Nairobi, the firm employs more than 600 professionals and provides comprehensive services in the wider Middle East and African (MEA) region. For information, please visit our website: www.jll-mena.com
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Kingdom of Saudi Arabia
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© Press Release 2016
