Leading real estate expert JLL said it has signed a memorandum of understanding (MoU) with the Makkah Chamber of Commerce and Industry in a bid to help improve transparency in the Saudi real estate market.

As an independent consultant, JLL will collaborate with key stakeholders to collect, consolidate and share accurate data in order to provide clarity to large-scale developments, infrastructure projects, current planned expansions and projects under development.

As part of the collaboration, JLL will work with key players and stakeholders in Makkah to release a comprehensive report on the real estate market in Makkah expected in the third quarter of 2016.

Maher Jamal, the chairman of Makkah Chamber of Commerce and Industry, said: "The members of the chamber intend to work with leading organizations that promote transparency,  accessibility of information and also safeguard development sectors, especially within real estate."

"As the ambitious ‘Saudi Vision 2030’ announced earlier this year, the need for rigorous transformation in all sectors is imperative now more than ever," he stated.

Jamal said JLL was one of the first organizations that had aligned its goals with the Makkah chamber, and with its extensive expertise in real estate consulting and reporting, "we are confident of the value their insights into this market will bring."

Commenting on the deal, Jamil Ghaznawi, the national director and country head of JLL Saudi Arabia, said: "We are looking forward to a strong partnership with the Makkah chamber that will work towards increased transparency in their real estate sector."

"Collaborative initiatives will help contribute towards positive market sentiment and aim to gradually overcome challenges. Through assessing the effects of the ‘Saudi Vision 2030’ and increasing religious tourism to Makkah’s real estate market, we are confident this signing will drive decision making processes and contribute towards the economic development of the Province," he added.

The MoU comes on the back of another similar agreement with the Saudi Eastern Province Chamber of Commerce and Industry earlier this year.

"We have collaborated with King Abdulaziz University, the Jeddah Chamber of Commerce and Industry, the Eastern Province Chamber of Commerce & Industry and now the Makkah Chamber of Commerce and Industry," stated Ghaznawi.

"We are fully committed to this market, and we’ll be working hard with our partners to help the Saudi real estate industry become one of the leading transparent markets in the region," he added.-TradeArabia News Service