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Jeddah - JLL, the world's leading real estate investment and advisory firm, today signed a Memorandum of Understanding (MoU) with the Jeddah Chamber of Commerce & Industry ("JCCI") to jointly launch the 'JLL-JCCI Jeddah Housing Index'. The index is intended to collect, consolidate and share data on the housing market in Jeddah, thus bringing considerable transparency for investors and other participants in the city's residential market.
In addition to enhancing transparency, the 'JLL-JCCI Jeddah Housing Index' will improve the quality of information available by collating information from major developers and other sources. Using the latest information technology, JLL will design an online questionnaire as part of its research methodology, and utilise other online resources to ensure the integrity of the data. The first set of results will be published in JLL's second quarter report on the Jeddah real estate market to be published later this year.
In 2015 JLL signed a separate MoU with JCCI to collect and share data on Jeddah's retail real estate sector.
Zyad Al Bassam, Vice Chairman of Jeddah Chamber of Commerce, commented: "The JLL-JCCI Housing Index will be a valuable resource for private sector investors as it will provide strategic insight which is not currently available. There will be a greater volume of high quality and trustworthy information available as a result of our combined expertise. Overall, the index can contribute towards making the city's housing market more attractive to public and private investors."
Jamil Ghaznawi, National Director and Country Head of JLL KSA added: "It is a privilege to once again partner with the JCCI, this time in bringing greater clarity to Jeddah's residential market. We are especially proud of the use of technology to enhance data collection and analysis, which is surely a first in KSA's fast evolving real estate sector."
Khalid Bashwayer, Head of Jeddah Chamber of Commerce's Residential Committee, said: "This MoU highlights a fantastic initiative by JLL as it will allow us to make significant progress in improving the overall transparency of Jeddah's residential market. The housing index also promises to provide better information for investors and the general public as it will provide data that is much more accurate and comprehensive.
We are excited to work with JLL on a project that will add a significant degree of value to the public domain with its exclusive and proficient analysis."
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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
18th Floor, South Tower, Abraj Attawuniya│King Fahd Road, PO Box 13547 Riyadh 11414 │Riyadh, Saudi Arabia
Tel +966 1 2180 303 Fax +966 1 2180 308 www.jll-mena.com
Contact:
Jamil Ghaznawi / Kathryn Athreya
Manash Bhuyan/ Vadia Rai
Phone:+971 4 426 6999/+971 4 437 2102 / +971 4 437 2110
Email:Jamil.ghaznawi@eu.jll.com / kathryn.athreya@eu.jll.com / Manash.bhuyan@fticonsulting.com / vadia.rai@fticonsulting.com
© Press Release 2016
