Saudi PIF has signed a Memorandum of Understanding (MoU) with Jones Lang LaSalle Saudi Arabia Company Limited (JLL) to deepen their collaboration and bolster the country’s real estate industry.
The partnership aims to accelerate growth within the sector and strengthen the role of the private sector in driving the Kingdom’s economic diversification goals.
The MoU was signed during the Future Investment Initiative (FII) conference in Riyadh, reflecting both parties’ shared commitment to advancing the Saudi real estate ecosystem. This collaboration is designed to further contribute to the sector’s growth and support the broader development of the Kingdom’s economy.
Through this MoU, PIF and JLL will leverage their combined expertise to drive innovation and improve efficiency within Saudi Arabia’s real estate sector. The collaboration aligns with Vision 2030’s objectives to diversify the domestic economy and elevate the quality of life for citizens across the Kingdom.
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.
Saad Alkroud, Head of the Local Real Estate Investment Division at PIF, and Sue Asprey Price, EMEA CEO and Global Head of Portfolio Services, Work Dynamics at JLL, signed the MoU, marking a key step in PIF’s local real estate strategy.
This initiative aligns with Saudi Vision 2030, focusing on driving economic transformation, advancing urban innovation, and improving the quality of life across the Kingdom. As a leader in the development of transformative giga-projects and landmark real estate ventures, PIF plays a pivotal role in reshaping Saudi Arabia’s real estate landscape.
According to the statement, 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.
