JLL, Jeddah Chamber ink deal to launch ‘Jeddah retail index’

Jones Lang LaSalle (JLL), an investment management firm specializing in real estate, signed a memorandum of understanding (MoU) with Jeddah Chamber of Commerce (JCCI) on Monday to establish a new retail index for Jeddah, Saudi Arabia’s second-largest city.

The JLL-JCCI Jeddah Retail Index is expected to improve transparency in the Red Sea city’s retail sector by collecting data from members of the chamber’s retail committee, JLL said in a statement.

JLL will act as an independent third party to assist JCCI in the data collection process.

In return, the data would enhance the analysis of JLL’s quarterly reports.

The move is also aimed at encouraging the use of more data in similar market reporting processes, according to Jamil Ghaznawi, head of JLL’s Saudi unit.