Saudi Arabia’s Public Investment Fund (PIF) and Jones Lang LaSalle Saudi Arabia Company Limited (JLL) have signed a landmark memorandum of understanding (MoU) to advance the Kingdom’s real estate sector. The strategic partnership, announced during the ninth Future Investment Initiative (FII9) Conference in Riyadh, aims to accelerate innovation and enhance private sector participation in Saudi Arabia’s rapidly evolving real estate landscape.
Strategic Partnership Framework
The collaboration brings together PIF, one of the world’s largest sovereign wealth funds, and JLL, a global leader in real estate services, in a comprehensive initiative to transform Saudi Arabia’s real estate ecosystem. Saad Alkroud, Head of the Local Real Estate Investment Division at PIF, and Sue Asprey Price, EMEA CEO & Global Head of Portfolio Services, Work Dynamics at JLL, formalized the agreement at the prestigious FII9 Conference.
This partnership represents a significant step forward in PIF’s local real estate strategy, which focuses on driving economic transformation and urban innovation across the Kingdom. The fund’s expertise in developing transformative giga-projects, combined with JLL’s global real estate insights, creates a powerful alliance for advancing Saudi Arabia’s real estate sector.
Key Areas of Collaboration
The MoU encompasses several crucial areas of cooperation, including enhanced market insights, professional valuation services, and advanced project management capabilities. This comprehensive approach aims to introduce international best practices while developing local talent and implementing cutting-edge technologies in the Saudi real estate market.
The partnership will focus on sustainable real estate growth, emphasizing innovation and efficiency improvements throughout the sector. This strategic alignment is expected to create new opportunities for private sector participation while advancing the Kingdom’s urban development goals.
Economic Impact and Innovation
As one of the world’s most influential investors, PIF’s collaboration with JLL is set to catalyze significant economic benefits for Saudi Arabia. The partnership will support the development of new real estate projects while enhancing existing initiatives through improved market intelligence and operational efficiency.
The agreement is expected to accelerate the adoption of innovative technologies and sustainable practices in the Saudi real estate sector, positioning the Kingdom as a leader in modern urban development and smart city solutions.
Vision 2030 Alignment
This strategic partnership directly supports Saudi Arabia’s Vision 2030 objectives of economic diversification and enhanced quality of life. By combining PIF’s strategic investment capabilities with JLL’s global expertise, the collaboration will contribute to creating a more dynamic and sustainable real estate sector. The initiative aligns with Vision 2030’s goals of increasing private sector participation, developing local talent, and establishing Saudi Arabia as a global investment powerhouse while improving the quality of life for its citizens.