The Real Estate General Authority (REGA) signed a memorandum of understanding (MoU) on Wednesday, 30 October 2024, with "JLL," the globally renowned real estate consulting and investment firm. The signing took place in the presence of His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, and Mr. Christian Ulbrich, CEO of JLL. This strategic partnership aims to support the ambitious objectives of Saudi Vision 2030 and the real estate sector strategy by enhancing workforce capabilities and fostering innovation in real estate technology.
REGA explained that the memorandum—signed by REGA CEO Engineer Abdullah bin Saud Al-Hammad and Mr. Saud Al-Sulaymani, JLL’s Regional Director in Saudi Arabia—establishes cooperation in several key areas. Under this partnership, REGA and JLL will work together to design and deliver specialized educational and training programs for practitioners across various real estate fields. These programs are intended to elevate the competencies of professionals in the sector and respond to the growing demand in the Saudi real estate market. The scope of collaboration includes the development of sector-specific curricula, adoption of scientific research and studies, organization of workshops, issuance of accredited certifications, and provision of on-the-job training. The programs will benefit from JLL’s extensive global expertise to develop a highly qualified and skilled workforce in the real estate domain.
REGA further stated that this collaboration will also focus on improving data management and enhancing public access to real estate information. These efforts are expected to support Saudi Arabia’s transition toward a more investor-friendly real estate market while promoting greater transparency and affirming a long-term commitment to sustainability in the built environment—aligned with the Kingdom’s target of achieving net zero emissions by 2060.
This partnership also complements REGA’s recent launch of the Saudi PropTech Hub (SPH) at the Global PropTech Summit. The SPH serves as a central platform for individuals and institutions interested in real estate technology from both within and outside the Kingdom. It offers a range of services aimed at empowering stakeholders, boosting sector efficiency, and serving as a main channel for innovation in real estate technology in Saudi Arabia. Key initiatives under the Saudi PropTech Hub include: Regulatory Sandbox: Focused on developing frameworks that balance innovation with existing regulations and legislation. Real Estate Technology Accelerator: An incubator providing essential resources and expertise to support growth and expansion of startups. Global PropTech Summit: A forum that convenes top global minds, leading investors, venture capitalists, and entrepreneurs under one roof. PropTech Council: A collaborative space for exchanging ideas, sharing expertise, and exploring future opportunities and challenges that will drive the real estate sector forward.
It is also noteworthy that JLL officially inaugurated its regional headquarters in Riyadh on Tuesday, 29 October 2024. JLL is a Fortune 500 company and a global leader in professional services specializing in real estate and investment management. With over 200 years of experience, JLL supports clients in buying, building, occupying, managing, and investing across a wide spectrum of commercial, industrial, hospitality, residential, and retail properties. The company operates in more than 80 countries and reported annual revenues of USD 20.9 billion.