On Wednesday, October 30, 2024, the Saudi Real Estate Authority signed a Memorandum of Understanding (MoU) with JLL, a global real estate consulting and investment leader. The signing ceremony was attended by His Excellency Majid bin Abdullah Al-Hoqail, Minister of Municipal and Housing Affairs, and Christian Ulbrich, CEO of JLL. This partnership aims to support the ambitious goals of Saudi Vision 2030 and the country’s real estate strategy, focusing on workforce skill development and innovation in real estate technology.

The MoU was signed by Eng. Abdullah bin Saud Al-Hammad, Chairman of the Real Estate Authority, and Saud Al-Sulaimani, Regional Director of JLL in Saudi Arabia. It outlines a collaborative effort across multiple areas, particularly developing specialized educational and training programs for real estate professionals. These initiatives aim to enhance the skill sets of workers in the sector and meet the growing demand in Saudi Arabia's real estate market. The programs will include the creation of specialized curricula, workshops, accredited certifications, and on-the-job training, leveraging JLL's extensive expertise in various business areas to cultivate highly skilled professionals.

Additionally, the partnership is expected to improve data management and increase public access to real estate information, transforming the market into a more investor-friendly environment. It also aims to enhance transparency and commit to sustainable real estate practices, aligning with the Kingdom's goal of achieving net zero emissions by 2060.

This collaboration builds on the recent launch of the Saudi Proptech Center at the Global Proptech Summit, which is designed to support technology enthusiasts in real estate both locally and internationally. The center aims to empower stakeholders in the sector and improve efficiency, serving as a key platform for innovation in real estate technologies. Initiatives under this center include a "Regulatory Sandbox" to develop regulatory frameworks that balance innovation with compliance, a "Proptech Accelerator" to provide necessary resources and expertise for growth, and the "Global Proptech Summit," which brings together leading minds and investors in the field.

Notably, JLL opened its office in Riyadh on Tuesday, October 29, 2024. The company has been a pioneer in professional services and specializes in property and investment management, achieving significant successes for its clients over the past 200 years. JLL is recognized as one of the Fortune 500 companies, with annual revenues of $20.9 billion, operating in over 80 countries worldwide.