Bidaya forms workgroup to develop real estate financing

Bidaya Home Finance organized a special workgroup of real estate companies at the Hyatt Regency Residency Hotel in Riyadh.
Updated 20 February 2018
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Bidaya forms workgroup to develop real estate financing

In line with the Kingdom’s Vision 2030, which seeks to increase the percentage of homeowners and enable citizens to own their first homes, Bidaya Home Finance organized a special workgroup of real estate companies at the Hyatt Regency Residency Hotel in Riyadh. The purpose of the workgroup was to explore the development of the non-banking real estate sector and address its obstacles.
Majed Al-Hogail, minister of housing; Khalid Al-Amoudi, general supervisor of the Real Estate Development Fund; and Bader Al-Otaibi, general director of supervision of finance companies at the Saudi Arabian Monetary Agency (SAMA), attended the workgroup.
Also participating in the discussions were the CEOs of real estate financing companies, as well as the CEO of the Saudi Real Estate Refinance Company.
The workgroup discussed the development of the non-banking real estate financing sector and ways to increase its efficiency by raising its current share from eight percent to a minimum of 30 percent by 2020. This is in addition to identifying the obstacles hindering the sector’s growth in terms of regulatory and legislatives aspects, as well as preparing the necessary recommendations and suggestions.
Introduced during the meeting was the housing program, which is one of the programs in Vision 2030.
The program includes 16 governmental entities working together as one team in partnership with the private sector in order to raise the percentage of homeownership to 60 percent by 2020 and to 70 percent by 2030. The programs and goals of the Real Estate Development Fund were showcased, as well as the segments of beneficiaries of these programs, the funding opportunities per segment, and the products to be provided in partnership with the financiers.
At the end of the workgroup, the CEO of the Saudi Real Estate Refinance Company, which is owned by the Public Investment Fund, explained the nature of the company and its goals, which include achieving growth and stability in the real estate financing sector and refinancing 10 and 20 percent of the total existing real estate loans by 2020 and 2026, respectively.
The company’s role also includes providing the necessary liquidity to achieve the targeted growth, so that real estate financing — currently at SR290 billion ($77 billion) — can reach SR502 billion by 2020, in addition to offering financing at a fixed cost that can lead to stable real estate financing and fixed monthly instalments for beneficiaries.


Fine watchmaking expo returns to Saudi Arabia

Updated 19 March 2019
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Fine watchmaking expo returns to Saudi Arabia

Annual horology exhibition Salon des Grandes Complications (SDGC) is returning to Saudi Arabia for the third year in a row, with shows in both Jeddah and Riyadh. The event will showcase the latest masterpieces from some of the most celebrated watchmakers in history. The fine watchmaking exhibition will kick off in Jeddah at the Hilton Hotel April 8-11, and then move to Al-Faisaliah Hotel in Riyadh April 15-18.

Salon des Grandes Complications debuted in Dubai in 2014, later branching out to Saudi Arabia due to high demand and the appreciation of exceptional timepieces in the Kingdom. 

Saudi Arabia is a key Middle Eastern market for watchmakers — last year saw a year-on-year increase in the import of Swiss watches by 6 percent, and this figure is only expected to increase with the introduction of new policies. 

The capital city of Riyadh is home to over 10,000 watch collectors while Jeddah on the other hand, is Saudi Arabia’s commercial hub, with almost as many horological aficionados estimated to live there. 

Designed to offer a platform for Maisons and enthusiasts to convene, Salon des Grandes Complications creates opportunities for knowledge to be exchanged and collectors to discover — often for the first time in the region — limited editions, the newest launches and unique rarities. 

Among the international brands that will be present at the 2019 edition are Bell & Ross, Blancpain, Breguet, Breitling, Fabergé, Girard-Perregaux, Greubel Forsey, Harry Winston, Montblanc, Rudis Sylva, TAG Heuer, Ulysse Nardin and Zenith. 

With the introduction of several new brands, there will be a more diversified display of timepieces, from innovative novelties to classic creations, grand complications and high jewelry timepieces. Also new to this year’s edition will be a private majlis (a gathering place for social events), where special talks will be hosted by various brands and experts will share their personal insights into modern day horology. 

SDGC has successfully attracted over 80 international Swiss, German and Italian brands during the past five years.

The event will be held alongside the 10th annual Jewellery Salon 2019, a well-established jewelry exhibition in the Kingdom.

SDGC 2019 will be held in partnership with Bentley Motors and with the support of the Embassy of Switzerland in Saudi Arabia.

The event will be open free of charge to all professional visitors from 4 p.m. to 11 p.m.