PIF and JLL Sign MoU to Strengthen Saudi Arabia’s Real Estate Collaboration

Riyadh, Saudi Arabia – October 31, 2025: The Public Investment Fund (PIF) and Jones Lang LaSalle Saudi Arabia Company Limited (JLL) have signed a Memorandum of Understanding (MoU) to enhance cooperation and accelerate growth within the Kingdom’s real estate sector. The agreement aims to align with the ambitious goals of Saudi Vision 2030, driving innovation, sustainability, and greater private-sector participation in one of the country’s most dynamic industries.

Partnership to Advance Saudi Arabia’s Real Estate Vision

The signing ceremony took place during the Future Investment Initiative (FII) conference in Riyadh, underscoring both organizations’ shared commitment to shaping the future of Saudi real estate.

Under the agreement, PIF and JLL will collaborate on market intelligence, valuation, project management, and real estate advisory services, combining their expertise to strengthen the local ecosystem. The partnership is designed to increase industry efficiency, develop local talent, and foster innovation through the adoption of advanced technologies and global best practices.

The MoU represents an important step toward building a more diversified and competitive economy, as outlined in Vision 2030, while also supporting the creation of sustainable urban environments that improve the quality of life for residents across the Kingdom.

Strengthening Innovation and Private Sector Participation

Through this collaboration, PIF and JLL will focus on enhancing data-driven decision-making within the real estate sector, leveraging analytics and technology to identify opportunities for growth and operational improvement.

The partnership also seeks to empower local talent through training programs and knowledge exchange, ensuring that Saudi professionals play a central role in shaping the future of the real estate industry.

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 agreement, which forms part of PIF’s local real estate strategy, a framework designed to drive economic transformation, urban innovation, and sustainable community development.

Supporting Vision 2030 Through Real Estate Transformation

The partnership builds on PIF’s ongoing efforts to advance Saudi Arabia’s real estate landscape through major giga-projects and landmark developments, including destinations such as NEOM, Qiddiya, and Diriyah. These initiatives are central to PIF’s broader mandate of economic diversification and sectoral development, which aim to position Saudi Arabia as a global leader in innovation-driven real estate and urban planning.

“This partnership reflects PIF’s commitment to enabling transformative change within the Kingdom’s real estate sector,” said Saad Alkroud. “By combining our strategic vision with JLL’s global expertise, we aim to unlock new opportunities for sustainable growth and empower local capabilities that align with Saudi Vision 2030.”

Sue Asprey Price added:

“JLL is proud to partner with PIF to advance Saudi Arabia’s real estate agenda. Our collaboration will focus on driving transparency, technology adoption, and knowledge-sharing to support the Kingdom’s rapid urban evolution.”

Driving Economic Impact and Sustainable Growth

The MoU reinforces PIF’s role as one of the world’s most impactful investors, with a clear mandate to achieve sustainable returns while enabling economic transformation within Saudi Arabia. Through partnerships like this, PIF continues to catalyze new sectors, enhance infrastructure development, and attract global expertise to the Kingdom’s thriving real estate market.

As the Kingdom continues its journey toward Vision 2030, collaborations between leading public entities and global partners such as JLL will be instrumental in achieving a more innovative, resilient, and globally competitive real estate industry.