Saudi Arabia’s first housing forum explores opportunities for real estate

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The Housing Ministry’s Wafi Program aims to market and sell the real estate unit before or during the development or construction stage. (SPA)
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Wafiqs 2018, the first Saudi forum on sales of housing projects, explored opportunities for buyers and real estate developers. (AN photo)
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Wafiqs 2018, the first Saudi forum on sales of housing projects, explored opportunities for buyers and real estate developers. (AN photo)
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Wafiqs 2018, the first Saudi forum on sales of housing projects, explored opportunities for buyers and real estate developers. (AN photo)
Updated 01 April 2018
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Saudi Arabia’s first housing forum explores opportunities for real estate

RIYADH: Wafiqs 2018, the first Saudi forum on sales of housing projects, explored opportunities for buyers and real estate developers, as well as introduce licensed projects and the options they give to those who want to buy early, before or during the project implementation phase.
The maiden forum, which concluded on Saturday, was inaugurated by Minister of Housing Majid Al-Hogail at Crowne Plaza on Wednesday. The forum and its exhibition on selling housing unit was organized by the sale and lease program “Wafi.”
The Housing Ministry’s Wafi Program aims to market and sell the real estate unit before or during the development or construction stage, by putting the description of the house plan or a building model in its final form after the completion of the development or construction, and ensure the commitment of the real estate developer to implement according to the model and agreed specifications.
The main aims of the program are to reduce the cost of real estate unit ownership, to reserve the buyer’s rights through the implementation of regulations and procedures, to increase transparency in the real estate sector, to increase supply through the development of real estate projects, to limit speculations that have an adverse effect on real estate prices and to obtain high-quality real estate units.
The four-day program was attended by experts, real estate developers and financial institutions, as well as engineering and accounting offices, and international experiences in the field of buying and owning residential units on the map, under construction projects, were reviewed.
Earlier, speaking at the forum, the housing minister affirmed that it helps to achieve the strategies the ministry works on. The first strategy is to enable every Saudi citizen to obtain a residential or financing product quickly by providing mortgage loans in partnership with banks and financial institutions. Al-Hogail said in the past there was no bank to provide financing for the sale program on the map, whereas now all banks and financial institutions provide this service.
The second element in the provision was to enable all citizens in different cities, whatever their jobs, to obtain funding through the recently launched safeguards program, which is being implemented by six Saudi banks, and in the coming period, we will find all banks offering this service.


‘Our History is Misk’ revive 20 traditional professional figures in Jeddah

Cafes were an important part of Jeddah’s social life. (AN photo)
Updated 24 September 2018
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‘Our History is Misk’ revive 20 traditional professional figures in Jeddah

  • Cafes were an important part of Jeddah’s social life

JEDDAH: “Our History is Misk,” supported by the Crown Prince Mohammed bin Salman bin Abdul Aziz Foundation, is being organized at the historical site of Jeddah.
The event is bringing nostalgia through a number of scenes that embody the life the city witnessed decades ago.
It comes as one of the activities of the foundation’s initiatives center and is part of its role in encouraging creativity and promoting national values in society.
The activities include an open theater to portray the professions of Jeddah citizens in the past. A number of local actors brought 20 extinct professions back to life through their performances.
One of the actors sits in the center, playing the role of the mayor, who used to help the people and solved their differences. Also showcased were the “decorator,” who is similar to barbers nowadays, the distribution of fabrics used in houses at the time, the selling of water in alleys for nominal amounts of money, and the restoration and cleaning of shoes.
Cafes were an important part of Jeddah’s social life. In them, people with all kinds of professions met to drink tea and listen to a storyteller.