Jones Lang LaSalle (JLL), the world's major real estate investment and advisory firm, signed a memorandum of understanding (MoU) with Makkah Chamber of Commerce and Industry (MCCI) 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.
MCCI has welcomed the initiative. Its Chairman Maher Jamal said: “The chamber’s members intend to work with major organizations that promote transparency, accessibility of information and also safeguard development sectors, especially within real estate. With the announcement of the ambitious Vision 2030, 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 MCCI that will work toward increased transparency in the real estate sector. Collaborative initiatives will help contribute toward positive market sentiment and aim to gradually overcome challenges. Through assessing the effects of Vision 2030 and increasing religious tourism to Makkah’s real estate market, we are confident this signing will drive decision making processes and contribute toward the economic development.”
Ghaznawi added: “We have collaborated with King Abdulaziz University, and the chambers of commerce and industry of Jeddah, the Eastern Province and now Makkah.”
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.
MCCI has welcomed the initiative. Its Chairman Maher Jamal said: “The chamber’s members intend to work with major organizations that promote transparency, accessibility of information and also safeguard development sectors, especially within real estate. With the announcement of the ambitious Vision 2030, 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 MCCI that will work toward increased transparency in the real estate sector. Collaborative initiatives will help contribute toward positive market sentiment and aim to gradually overcome challenges. Through assessing the effects of Vision 2030 and increasing religious tourism to Makkah’s real estate market, we are confident this signing will drive decision making processes and contribute toward the economic development.”
Ghaznawi added: “We have collaborated with King Abdulaziz University, and the chambers of commerce and industry of Jeddah, the Eastern Province and now Makkah.”
