MAKKAH – JLL, the world's leading real estate investment and advisory firm, signed a Memorandum of Understanding (MoU) with the Makkah Chamber of Commerce & Industry that will help improve transparency in the Saudi real estate market. As an independent consultant, JLL will collaborate with key stakeholders to collect, consolidate and share accurate data in order to provide clarity to large scale developments, infrastructure projects, current planned expansions and projects under development.
The Makkah Chamber of Commerce & Industry has welcomed the initiative. Mr Maher Jamal, chairman of Makkah Chamber of Commerce & Industry, said: “The members of the Chamber of Commerce intend to work with leading organizations that promote transparency, accessibility of information and also safeguard development sectors, especially within real estate. As the ambitious ‘Saudi Vision 2030’ announced earlier this year, the need for rigorous transformation in all sectors is imperative now more than ever. JLL is one of the first organizations that has aligned its goals with us, and with their extensive expertise in real estate consulting and reporting, we are confident of the value their insights into this market will bring.”
As part of the collaboration, JLL will work with key players and stakeholders in Makkah to release a comprehensive report on the real estate market in Makkah expected in Q3 2016.
Jamil Ghaznawi, National Director and Country Head of JLL Saudi Arabia, said: “We are looking forward to a strong partnership with the Makkah Chamber of Commerce & Industry that will work towards increased transparency in their real estate sector. Collaborative initiatives will help contribute towards positive market sentiment and aim to gradually overcome challenges. Through assessing the effects of the ‘Saudi Vision 2030’ and increasing religious tourism to Makkah’s real estate market, we are confident this signing will drive decision making processes and contribute towards the economic development of the province.”
The MoU comes on the back of another similar signing with the Saudi Eastern Province Chamber of Commerce & Industry earlier this year.
Ghaznawi added: “We have collaborated with King Abdulaziz University, the Jeddah Chamber of Commerce & Industry, the Eastern Province Chamber of Commerce & Industry and now the Makkah Chamber of Commerce & Industry. We are fully committed to this market, and we’ll be working hard with our partners to help the Saudi real estate industry become one of the leading transparent markets in the region.” — SG
