The Public Investment Fund and Jones Lang LaSalle Saudi Arabia LLC announced today the signing of a memorandum of understanding to strengthen bilateral cooperation and continue supporting the development of the real estate sector in the Kingdom of Saudi Arabia and the development of the private sector.
The signing, which took place during the “Future Investment Initiative” (FII), stems from the parties’ intention to continue contributing to the development of the Kingdom’s real estate sector, The memorandum of understanding will help combine the expertise of the Public Investment Fund and Jones Lang LaSalle to promote innovation and efficiency in the Saudi real estate sector and support the goals of the Kingdom’s Vision 2030 to diversify the economy and improve quality of life.
The memorandum of understanding with Jones Lang LaSalle will elevate levels of cooperation in key areas, such as market data, project valuation, and project management, It will also strengthen private sector participation, contribute to the development of national talent, and accelerate the adoption of new technologies to support sustainable growth in the real estate sector.
The memorandum of understanding was signed by Saad Al-Karoud, Head of the General Department of Domestic Real Estate Investments at the Public Investment Fund, and Sue Asbury Price, CEO of Jones Lang LaSalle for Europe, the Middle East, and Africa, and Head of Portfolio Services and Business Dynamics.
The MoU supports the PIF’s strategy in the real estate sector, which drives the strengthening and diversification of the local economy, advances urban innovation, and improves quality of life, in line with the objectives of Saudi Vision 2030. The PIF is leading the development of major transformative projects and prominent real estate initiatives across the Kingdom.
The Public Investment Fund works continuously to achieve its strategic objectives of creating a positive economic impact in the Kingdom, while ensuring sustainable returns.
The PIF is considered one of the world’s most influential investors and works to empower new sectors and opportunities that help shape the global economy and drive Saudi Arabia’s economic transformation.
