JLL supports transparency in Saudi Arabian real estate

MoU

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." 

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

"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

Suggested Articles

The Hyatt Centric Reykjavík will not only be the first Hyatt-branded hotel in Iceland, but will be the company's debut the Nordic region as a whole.

The new Radisson Blu Resort Cam Ranh in Khanh Hoa province has 292 rooms, suites and pool villas.

The project, still subject to municipal approval, would include 146 guestrooms and an array of culinary and nightlife experiences.