JLL, a leading professional services firm specializing in real estate, investment management, and development consultancy services, has recently announced the establishment of its regional headquarters at the King Abdullah Financial District (KAFD) in Riyadh.
Industry sources added that this strategic initiative moves to the heart of the capital’s new Central Business District (CBD) was unveiled at the 7th Future Investment Initiative (FII) in Riyadh where JLL’s President and Global CEO, Christian Ulbrich, outlined strategies and precautions that must be employed to navigate the current global real estate market.
This initiative is a part of the firm’s stronger and broader commitment that will aid in boosting JLL’s presence in Saudi Arabia. Situated in the heart of the Saudi capital, Riyadh, KAFD is home to 95 buildings designed by 25 world-leading architectural firms.
Spanning a 1.6Mn Square Meters it features state-of-the-art office space, world-class facilities, and iconic luxury residences. KAFD aims to transform how urban communities live, work, and play. Located just a 22-kilometer drive from King Khalid Airport, KAFD is owned and managed by the King Abdullah Financial District Development and Management Company (KAFD DMC).
Industry sources added that the partnership announcement was made on Day 2 by JLL’s President and Global CEO of FII in the presence of Gautam Shashittal, CEO, of King Abdullah Financial District (KAFD), James Allan, CEO, of JLL Middle East and Africa, Saud Al Sulaimani, Country Head, KSA at JLL.
Industry sources further added that this announcement of the regional headquarters at KAFD, currently the largest LEED for Neighbourhood Development (LEED-ND) Stage 2 platinum-certified project globally, brings JLL one step closer to fulfilling its own sustainability targets and is in line with the Kingdom’s sustainable vision to decarbonize its built environment.
Scheduled for completion in early 2025, KAFD is also setting a new industry benchmark as the world’s largest certified and sustainable urban quarter.
Christian Ulbrich, JLL’s President, and Global CEO, stated: “Saudi Arabia plays a vital role in accelerating JLL’s long-term and continued growth in the region, and in close collaboration with stakeholders in the Kingdom, we aim to elevate the standards of real estate services here and beyond. The growth trajectory of JLL in Saudi Arabia over the past decade has been phenomenal, bringing continued success to the company and maximizing value for our clients.”
Gautam Sashittal, CEO, of King Abdullah Financial District Development and Management Company (KAFD DMC) stated “We are excited to welcome JLL to KAFD’s vibrant community of business leaders and economic powerhouses from across the region. JLL’s role in revitalizing this iconic project, from master planning to construction, handover, and operations, has been instrumental in attracting leading industry titans from across sectors to expand their regional operations in KAFD under the nurturing RHQ ecosystem.”
Mr. Sashittal adds that “As Saudi Arabia continues to develop new non-oil growth engines, KAFD’s state-of-the-art infrastructure, smart city solutions, and exceptional customer service will be pivotal in accelerating the growth ambitions of a wide range of businesses in the region.”
Hassan Alduhaim, Senior Advisor, at MISA, stated: “The RHQ Program enables multinational companies like JLL to enter the thriving, growing economy of Saudi Arabia, as well as the wider MENA region. These companies, as well as their talent and families, will benefit from a favorable and predictable business environment and an excellent quality of life.”
As one of the first real estate consultancies to establish itself in Saudi Arabia more than a decade ago, the establishment of a regional HQ marks a significant milestone in JLL’s expansion and growth strategy in the Kingdom and consolidates its position as a market leader in real estate with a focus on technology and sustainability.
With offices in Riyadh, Jeddah, and Al Khobar, the move will enable JLL to leverage opportunities from multi-billion-dollar Giga projects contributing to the Kingdom’s strategic goals and delivering sustained outcomes for all stakeholders.