JLL, the world's leading real estate investment and advisory firm, has signed a memorandum of understanding (MoU) with the Saudi Eastern Province Chamber of Commerce & Industry to improve transparency in the region's residential, retail, office and hospitality 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 retailers, developers, hoteliers and government bodies, among others. The Eastern Province Chamber of Commerce & Industry, represented by the Housing and Urban Development Committee, has been a supportive partner of this initiative. Ali Mohsen, head of Eijad Holding and member of the committee, said "the Committee on Housing and Urban Development was formed from a group of leading developers in the Eastern Province who took it upon themselves to support initiatives that promote transparency and accessibility of information as this has a positive impact on the economy in general, particularly the real estate development sector. Especially as we are in the process of a strategic shift in this promising sector. Taking into account the ambitious goals of the Saudi Vision 2030 and the importance of this sector and its role in achieving them. JLL is one of the first entities that aligned its vision with us and given its experience and excellence in real estate reporting, we are confident that this report will be a good addition contributing to the maturing of the market and determining its direction." Jamil Ghaznawi, National Director and Country Head of JLL Saudi Arabia, said: "We are delighted to partner with the Dammam-based Eastern Province Chamber and look forward to work with them in supporting transparency across the Eastern Region's real estate market. This MoU is part of a series of JLL Saudi initiatives to support greater real estate market transparency across the Kingdom. Such collaborative initiatives will enable stakeholders to gain valuable insights in regard to market sentiment and challenges. We are hopeful that this initiative will aid decision making processes and contribute towards the economic development of the province." He added: "It is encouraging to note that the recently announced ‘Saudi Vision 2030' indicates a greater emphasis on market transparency. We believe our existing partnerships with King Abdulaziz University, Jeddah Chamber of Commerce & Industry and now with the Eastern Province Chamber of Commerce & Industry will together form a strong foundation towards creating an environment for greater transparency in the Kingdom's real estate market. Going forward, JLL would look at partnering with more stakeholders and further enhance our transparency drive in the Saudi real estate market."
