Saudi Arabia's real estate industry is about to get a little more transparent: JLL has signed a memorandum of understanding with the Saudi Eastern Province Chamber of Commerce and Industry to "improve transparency" in the region’s hospitality, residential, retail and office 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 developers, hoteliers and government bodies, Jamil Ghaznawi, national director and country head of JLL Saudi Arabia, said after signing the agreement with Ali Mohsen, the head of Eijad Holding and member of the chamber's Housing and Urban Development Committee.
The MoU, Ghaznawi said, would let stakeholders gain "valuable insights in regards to market sentiment and challenges," and is expected to "contribute toward the economic development of the Province."
"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," he said. "Going forward, JLL would look at partnering with more stakeholders and further enhance our transparency drive in the Saudi real estate market," he added.
Source: Trade Arabia
Photo courtesy of Trade Arabia