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.


Ford trains 1,600 motorists in Mideast, Africa in 2018

Updated 11 December 2018
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Ford trains 1,600 motorists in Mideast, Africa in 2018

Ford Driving Skills for Life (DSFL) has wrapped up a successful 2018 having added programs in two new markets — Morocco and Madagascar — as well as having launched a women-only program in Saudi Arabia. The training program reached more than 1,600 inexperienced motorists in 10 cities around the Middle East and Africa.

Providing free training and instilling safe driving practices, the DSFL program offered an opportunity to gain experience in the four main primary driving skills: Hazard recognition, vehicle handling, speed management, and space management.

This year, Ford DSFL was run in the UAE (Dubai), Kenya (Nairobi), Uganda (Gulu Town), and four cities in South Africa (Cape Town, Port Elizabeth, Rustenburg, and Pretoria), while Casablanca welcomed Morocco’s first-ever DSFL for three days of training in October. 

Antananarivo in Madagascar also joined the DSFL family when it played host to 50 members of the media, and a train-the-trainer for distributor staff, in September, becoming the eighth market in sub-Saharan Africa alone to benefit from the introduction of Ford’s program.

In addition, on its return to Jeddah, Ford hosted the global debut of its DSFL for Her, a new customized version of Ford’s award-winning safe-driving initiative, helping to build confidence behind the wheel as participants in the Kingdom prepared to be among the first-ever women to be issued a driving license in the country.

The DSFL for Her course followed the landmark decision last year, as decreed by King Salman to lift the ban on females driving in Saudi Arabia.

“Safety continues to be a key priority for Ford, and providing campaigns such as DSFL can only help reduce the number of road accidents, and increase young drivers’ knowledge and confidence on the road,” said Jim Graham, global manager, Ford Driving Skills for Life. 

“Ford also made history in 2018 when it hosted the first-ever practical hands-on driving training for women in Saudi Arabia — DSFL for Her — specifically designed to accommodate Saudi females embarking on their first journey behind the wheel of a car. These are the kinds of occasions that make Ford exceptionally proud of the success DSFL has enjoyed this year, as the program continues its rapid expansion, and evolves to adapt to the needs of the markets in which it operates,” Graham added.

Ford Driving Skills for Life was established in 2003 by Ford Motor Company Fund, Governors Highway Safety Association, and a panel of safety experts to teach newly licensed drivers necessary skills beyond standard driver education programs. In 2008, the program expanded to Asia Pacific, and in 2013, Ford DSFL branched out into both Europe and the Middle East.

In 2017, the free program celebrated reaching the one-millionth newly licensed driver trained.