PIF and JLL Partner to Drive Innovation and Growth in Kingdom’s Property Market.
PIF and Jones Lang LaSalle Saudi Arabia Company Limited (JLL) today announced the signing of a Memorandum of Understanding (MoU) to enhance their cooperation and further support Saudi Arabia’s real estate industry and enhance the private sector.
The signing took place during the Future Investment Initiative (FII) conference in Riyadh, building on both parties’ intentions to further contribute to the development of the Saudi real estate ecosystem.
Spur innovation and increase efficiency in the industry
Through this MoU, PIF and JLL will combine their expertise to spur innovation and increase efficiency in the industry, supporting Vision 2030’s goals to diversify the domestic economy and enhance the quality of life nationwide.
The MoU will strengthen collaboration in important areas such as market insights, valuation and project management. It will lead to greater private sector participation, develop local talent, and accelerate the adoption of new technologies to help achieve sustainable real estate growth.
Advancing urban innovation and enhancing quality of life
Saad Alkroud, Head of the Local Real Estate Investment Division at PIF, and Sue Asprey Price, EMEA CEO & Global Head of Portfolio Services, Work Dynamics at JLL, signed the MoU, which forms part of PIF’s local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030. PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia.
PIF continues with its strategic mandate to achieve economic impact for Saudi Arabia while securing sustainable returns. PIF is one of the world’s most impactful investors, driving Saudi Arabia’s economic diversification while also enabling the creation of key sectors and opportunities that help shape the global economy.
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