Riyadh - Mubasher: The Public Investment Fund (PIF) and Jones Lang LaSalle Saudi Arabia Company Limited (JLL) signed a memorandum of understanding (MoU) to support the Kingdom’s real estate industry and enhance the private sector.

It aligns with both parties’ intentions to further enhance cooperation and develop the Saudi real estate ecosystem, according to a press release.

PIF and JLL will combine their expertise to promote innovation and boost efficiency in the industry, within the framework of Vision 2030, to diversify the domestic economy and improve the quality of life nationwide.

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, signed the MoU during the Future Investment Initiative (FII) conference in Riyadh.

The two sides will reinforce collaboration in key areas, such as market insights, valuation and project management.

This partnership will lead to greater private sector participation, develop local talent, and accelerate the adoption of new technologies to help achieve sustainable real estate growth.

PIF leads the development of transformative giga-projects and landmark real estate initiatives across the Kingdom. The fund’s subsidiary Roshn Group secured a SAR 2 billion financing deal to expand investments in mixed-use developments.

In December 2024, the Saudi Real Estate Refinance Company (SRC) penned a deal to acquire a SAR 1 billion mortgage portfolio from Bidaya Finance.