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.


Houthis targetted civilian facility in Najran with an explosives-laden drone, says Arab Coalition

Updated 21 May 2019
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Houthis targetted civilian facility in Najran with an explosives-laden drone, says Arab Coalition

  • Houthis also fired two ballistic missiles toward the holy city of Makkah and Jeddah on Monday

RIYADH: Houthi militants had tried to hit a civilian facility in Saudi Arabia's southern border province of Najran with a drone carrying explosives, the Arab Coalition supporting Yemen's legitimate government said on Tuesday.
In a statement carried by the Saudi Press Agency (SPA), Colonel Turki Al-Maliki, the spokesman of the Saudi-led military coalition said the target was a vital facility.
"The Houthi-backed terrorist militia of Iran continues to carry out acts of terrorism that pose a real threat to regional and international security by targeting civilian objects and civilian facilities, as well as civilian citizens and residents of all nationalities," Al-Maliki said.

The statement did not mention casualties and gave no further details.

Earlier on Monday, Al-Maliki said Houthis fired two ballistic missiles toward the holy city of Makkah and Jeddah but both were shot down by Saudi air defense forces.

The Iran-backed Houthis have fired dozens of missiles at targets in Saudi Arabia, including the capital Riyadh, since the Arab Coalition intervened in 2015 to restore the government of President Abed Rabbo Mansour Hadi, which was ousted in a Houthi coup.