Image credit: PIF/Website
The Public Investment Fund (PIF) and Jones Lang LaSalle Saudi Arabia Company Limited (JLL) have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation and supporting the growth of Saudi Arabia’s real estate industry. The signing took place during the Future Investment Initiative (FII) conference in Riyadh, reflecting both organisations’ shared commitment to furthering the development of the Kingdom’s real estate ecosystem, according to a PIF media release.
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Through this MoU, PIF and JLL will combine their extensive expertise to drive innovation, improve efficiency, and accelerate development within the real estate sector. The collaboration aligns with Saudi Vision 2030’s objectives to diversify the domestic economy, expand private sector participation, and enhance quality of life across the kingdom.
The partnership will focus on several key areas, including market insights, valuation, and project management. It will also work to develop local talent, foster skills transfer, and promote the adoption of new technologies to achieve sustainable and future-ready real estate growth.
Driving transformation and urban innovation
The MoU 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. The agreement forms part of PIF’s local real estate strategy, which aims to drive economic transformation, support diversification, and advance urban innovation, all in line with the ambitious goals of Vision 2030.
PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia, positioning itself as one of the world’s most impactful investors. The Fund continues to fulfill its strategic mandate to achieve significant economic impact for the Kingdom while securing sustainable returns. Through such partnerships, PIF reinforces its role in driving diversification, enabling the creation of new sectors, and shaping opportunities that influence the global economy.
