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.


Mexican delegation visits Saudi Arabia to promote trade and discuss investment

The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas. (SPA)
Updated 17 November 2018
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Mexican delegation visits Saudi Arabia to promote trade and discuss investment

  • The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030

RIYADH: A trade delegation from Mexico called on the Saudi business community to strengthen trade partnerships with their counterparts in Mexico and participate in promising opportunities and investment projects in various areas, especially in the construction and infrastructure sectors.
“A delegation from the National Bank for Services and Public Works (BANOBRAS), the most important development bank in Mexico, visited Saudi Arabia to promote investment opportunities that will bring the countries closer together,” Mexican Ambassador Alfredo Miranda told Arab News on Friday.
Miranda accompanied Alejandro Blasco, head of investor relations at BANOBRAS, and Luis Ampudia, deputy head of investor relations, during the meeting at the Council of Saudi Chambers (CSC).
The Saudi delegation was made up of CSC Secretary-General Saud Al-Meshari; Vice Chairman and Managing Director of the Saudi Fund for Development Khalid S. Alkhudairy; and head of stakeholder management of the Public Investment Fund (PIF) Saad A. Alkroud.
During the meetings, the Mexican delegation shared the opportunities available in Mexico for identifying possible public-private partnerships and financing social infrastructure projects, and they discussed the potential of investment opportunities in Mexico as part of the PIF’s international diversified pool, said the envoy.
The visiting team expressed their desire to benefit from and contribute to the projects presented by the Kingdom’s Vision 2030.
The Mexican ambassador further declared that his country, like Saudi Arabia, is one of the top 20 economies in the world and is eager to strengthen mechanisms of collaboration in different areas, taking into account that Mexico’s GDP is $1.1 trillion, has a population of 129 million inhabitants, an inflation rate of 4 percent and very low unemployment of just 4 percent.
“I am sure both countries will continue to work together in order to have more Mexicans in Saudi Arabia and more Saudis in Mexico,” said Ambassador Miranda.