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

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.


Saudi envoy visits citizen wounded in Istanbul attack

The Ottoman-era Sultanahmet mosque, also known as the Blue Mosque, is pictured in Istanbul, Turkey, July 30, 2017. (Reuters)
Updated 1 min 12 sec ago

Saudi envoy visits citizen wounded in Istanbul attack

ANKARA: Saudi Arabia’s Ambassador to Turkey Waleed Abdul Karim Al-Khuraiji visited a Saudi citizen receiving treatment in an Istanbul hospital, after he had been wounded in a shooting and robbery.
The envoy conveyed the best wishes of the Kingdom’s leadership and wished him a speedy recovery.
The embassy and consulate are working with authorities in Istanbul to assist with the investigation into the attack.
The armed robbery happened in the Sisli area of the city, prompting Saudi authorities to issue a warning to avoid that area, as well as Taksim, especially after sunset.
Days after this incident, a Saudi woman was reported to have been kidnapped in Istanbul while on holiday with her family.

BACKGROUND

In 2017, a terror attack killed seven Saudis in Istanbul on New Year’s Day.

Security cameras captured the moment she was sprayed in the face with a substance that left her unconscious before she was taken away by a man, according to Arabic-language newspaper Asharq Al-Awsat.
The report said the attack took place “a few days ago” near a hotel in the Asian part of Istanbul, where she was staying with her family.
The woman, known as Abeer, was visiting Istanbul with her husband and children on holiday. All communication with her was lost after she disappeared, sources told the newspaper.