Leading real estate expert JLL said it has signed a memorandum of understanding (MoU) with the Saudi Eastern Province Chamber of Commerce and 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, said Jamil Ghaznawi, the national director and country head of JLL Saudi Arabia, after signing the agreement with Ali Mohsen, the head of Eijad Holding and member of the chamber's Housing and Urban Development Committee.

"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 regards to market sentiment and challenges," remarked Ghaznawi.

"We are hopeful that this initiative will aid decision-making processes and contribute towards the economic development of the Province," he added.

According to Mohsen, the Dammam chamber's committee 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.

"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," he added.

Ghaznawi said it was 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 and Industry and now with the Eastern Province Chamber of Commerce and Industry will together form a strong foundation towards creating an environment for greater transparency in the kingdom’s real estate market," noted the official.

"Going forward, JLL would look at partnering with more stakeholders and further enhance our transparency drive in the Saudi real estate market," he added.-TradeArabia News Service