PIF And JLL Sign Memorandum Of Understanding To Boost Saudi Real Estate Sector

The Public Investment Fund (PIF) and Jones Lang LaSalle Saudi Arabia Company Limited (JLL) have signed a memorandum of understanding (MoU) to boost collaboration in Saudi Arabia's real estate sector. This agreement was formalised during the ninth Future Investment Initiative (FII9) Conference in Riyadh, reflecting both parties' commitment to advancing the local real estate ecosystem.

According to PIF's press release, this partnership aims to foster innovation and improve efficiency within the industry. It aligns with Vision 2030’s objectives of diversifying the economy and enhancing nationwide quality of life. The MoU focuses on key areas like market insights, valuation, and project management.

The collaboration between PIF and JLL is expected to increase private sector involvement, nurture local talent, and speed up technology adoption for sustainable growth in real estate. This initiative is part of PIF’s strategy to drive economic transformation through urban innovation and improved living standards under Saudi Vision 2030.

PIF plays a pivotal role in developing transformative giga-projects and landmark real estate ventures across Saudi Arabia. By doing so, it aims to achieve significant economic impact while ensuring sustainable returns. The fund is recognised as one of the world's most influential investors, contributing to Saudi Arabia's economic diversification.

The MoU was signed by 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. Their collaboration is set to enhance market insights and project management capabilities.

PIF continues its strategic mission by creating key sectors that shape the global economy. Its efforts are aligned with securing sustainable returns while driving economic diversification within Saudi Arabia. This partnership with JLL further strengthens these goals by leveraging combined expertise for industry advancement.

Through this MoU, PIF aims to lead transformative projects that align with Vision 2030’s ambitious targets. By enhancing private sector participation and fostering local talent development, PIF seeks to create opportunities that contribute significantly to both national and global economies.

With inputs from SPA