JLL, the world's leading real estate investment and advisory firm, is driving initiatives with various Saudi entities to create an environment for greater transparency in the Saudi real estate market. This drive toward greater transparency is aimed at helping real estate investors, corporate occupiers, retailers, hotel operators, governments and industry organizations understand important differences when transacting, owning and operating in the dynamic and evolving Saudi market. Jamil Ghaznawi, National Director and Country Head of JLL Saudi Arabia, said: "As Saudi Arabia restructures its economy and takes steps to move away from oil revenue dependence, these structural reforms will have implications for various industry sectors, including real estate. For the future development of the Saudi real estate market and for it to attract greater capital flows, transparency will remain a key aspect within the overall economic landscape. With the opening up of the Saudi economy, real estate investment will come under greater scrutiny as investors will seek detailed information for making informed decisions. Market transparency is crucial for businesses, and various stakeholders will benefit if steps are taken to make improvements on this front." He further said: We at JLL attach huge importance to transparency as it can play a transformative role in the development of real estate markets. With greater transparency levels, Saudi Arabia will attract more investment and corporate occupier activity into its real estate market. JLL is currently working with various Saudi entities towards creating an environment for greater transparency through partnerships, education, training, awareness, and similar progressive initiatives. We are committed to the Saudi market, and are confident that our drive toward greater market transparency will ultimately be beneficial for the long term growth prospects and the various stakeholders, including government, industry and citizens." JLL measures transparency through its Global Real Estate Transparency Index, a unique study that quantifies real estate market transparency across 102 markets worldwide. The Index is updated every two years and has been charting the progress in real estate transparency across the globe for 15 years. Since the Index was launched in 1999, its components have evolved and been refined to reflect the changing demands of cross-border investors and corporate occupiers. In the last edition of the Index, Dubai was noted as the most transparent market in the MENA region, while Qatar was recorded as the biggest improver. While Saudi Arabia is one of the region's biggest real estate markets, the transparency levels are much lower and can be improved to attract greater capital flows into the Kingdom. Moreover, Ghaznawi said: "It is encouraging to note that there is greater realization among Saudi authorities about the connection between transparency and real estate capital flows. The government has embarked upon numerous market friendly initiatives, which includes the revision of housing regulatory frameworks, framing new development plans, developing housing funding programs, public private partnerships and bringing in experienced real estate professionals into government and policymaking." "We believe our existing partnerships with King Abdulaziz University and Jeddah Chamber of Commerce & Industry will create a strong foundation towards creating an environment for greater transparency in the Kingdom. Going forward, JLL would look at partnering with more stakeholders and further enhance our transparency drive in the Saudi market," he added. — SG
