https://arab.news/bpz99
RIYADH: 黑料社区鈥檚 sovereign wealth fund has entered into a strategic partnership with global real estate firm Jones Lang LaSalle, in a significant move set to reshape the Kingdom鈥檚 urban landscape.
According to a press release, the Public Investment Fund and JLL signed a memorandum of understanding at the final day of the Future Investment Initiative conference in Riyadh, formalizing a collaboration aimed at driving innovation and increasing efficiency within the Kingdom鈥檚 booming real estate industry.
鈥淭hrough this MoU, PIF and JLL will combine their expertise to spur innovation and increase efficiency in the industry, supporting Vision 2030鈥檚 goals to diversify the domestic economy and enhance the quality of life nationwide,鈥� the press release said.
By combining PIF鈥檚 transformative national projects with JLL鈥檚 global expertise, the partnership seeks to accelerate the development of a sophisticated and sustainable real estate ecosystem.
The statement added that the MoU is set to strengthen collaboration in important areas such as market insights, valuation and project management. 鈥淚t will lead to greater private sector participation, develop local talent, and accelerate the adoption of new technologies to help achieve sustainable real estate growth,鈥� said the press release.
The agreement was signed by 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.
For PIF, this partnership is a key component of its local real estate strategy, which is focused on driving economic transformation, advancing urban innovation, and enhancing the quality of life for citizens and residents.
The sovereign wealth fund is the driving force behind the development of the Kingdom鈥檚 transformative giga-projects and other landmark real estate initiatives.
JLL is a Fortune 500 company with over 200 years of history in commercial real estate and investment management.