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.


Two Holy Mosques program receives international award

The Two Holy Mosques program has received the Sharjah International Cultural Heritage award for its achievements. (SPA)
Updated 22 May 2018
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Two Holy Mosques program receives international award

  • The state adopted the program presented by the SCTH four years ago
  • King Salman’s initiative to care for cultural heritage is one of the outputs presented by the SCTH

RIYADH: The Two Holy Mosques program to care for the Kingdom’s cultural heritage has received the Sharjah International Cultural Heritage award for its achievements.
It was described as an unprecedented national program sponsoring projects and efforts related to all aspects of national heritage.
King Salman’s initiative to care for cultural heritage is one of the outputs presented by the SCTH, sponsored and financed by the country, and it is being carried out as part of the important initiatives of Saudi Vision 2030 with more than SR5 billion ($1.3 billion) allocated in the current phase. The initiative includes 10 courses, each under implementation consisting of a number of main projects that amount to more than 330 in total.
The state adopted the program presented by the SCTH four years ago and financed within the National Transformation Program with more than SR4 billion ($1 billion).
The program includes the establishment of 18 museums in the Kingdom, 80 heritage sites and opening them to visitors, the restoration of 18 villages and traditional towns to visitors.