RIYADH: MD RASOOLDEEN
Monday 6 August 2012
Last Update 6 August 2012 1:57 am
RIYADH: Plans are under way to introduce a postgraduate diploma course in real estate management in the Kingdom .
The Council of Saudi Chambers (CSC) entered into an agreement with the Technical and Vocational Training Corporation (TVTC) to provide a diploma course in real estate management for young graduates, who are interested to pursue their vocation in the concerned field.
The Council of Saudi Chambers announced yesterday that under the program, the National Real Estate Council of the CSC headed by Hamad Al-Shuwair, will coordinate with the TVTC to arrange for postgraduate diploma programs for the Saudi graduates to cater to the increasing demand for qualified personnel to handle the work in the public and private sectors.
Following the meeting with the TVTC officials, Al-Shuwair said that the two parties discussed at length about the impending demand for professionals in the real estate sector and it has been planned to chalk out a comprehensive curriculum for the proposed diploma studies in the real estate field.
Describing it as a strategic cooperation between the two organizations, Al-Shuwair said this program would contribute a great deal toward the implementation of the government's Saudization program. He pointed out that interested graduates from accounting and marketing fields will be absorbed into the proposed program.
During the meeting, Al-Shuwair said a joint committee called, “Real Estate committee at the Technical and Vocational Training Corporation,” was formed. The committee comprising officials from the CSC and TVTC, would work out the modalities of the proposed project and would outline its implementation programs shortly, he added.
Highlighting the significance of the fast developing real estate market, Al-Shuwair said that every year the Kingdom needs 164,000 to 200,000 housing units throughout the country.
“By the year 2020, some 2.62 million housing units have to be built to cater to the increasing population,” he said. In Riyadh, the lack of affordable homes is especially acute with a shortage of 225,000 residential units.
In June, the council of ministers approved the country’s first ever mortgage law .The law, prepared by the minister of finance set the regulations for establishing mortgage companies and their activities.
Subsequently, the council of ministers approved the accredited evaluators law and the establishment of the Saudi Authority for Accredited Evaluators, that will have a positive impact on the local real estate market.
According to the cabinet decision, the proposed authority will be chaired by the minister of commerce and industry. The board of management will have six professional evaluators, appointed by its chairman, who is the minister of commerce and industry.
The new law will regulate evaluation of real estate, economic institutions, equipment and properties. "Such an authority will attend to the needs of the land owners, consumers and local and foreign investors," Al-Shuwair said.
He pointed out such an authority could manage the private and public sectors' interests for the benefit of the people.
The authority could frame regulations for this fast developing sector and be a window for real estate industry of the Kingdom to both local and international markets. It could also reduce the workload of the governmental bodies such as Ministries of Justice, Municipal and Rural Affairs and Commerce and Industry and Finance and the Saudi Arabia Monetary Agency.
Established by a Royal Decree No.(23), dated 11-6-1974H. Real Estate Development Fund (REDF) started its activities at the beginning of fiscal year 1975 to provide loans to citizens to help them construct their own homes and for investment purposes. It commenced operations with a capital of SR 250 million and later increased to SR 82,769 million.
During the first 25 years from its inception, REDF has granted 443,842 private loans as well as 2,488 investment loans, with a total value of SR 120,144 million, resulting in the construction of 555,866 residential units. REDF's services have so far reached 3976 cities, villages and remote areas all over the Kingdom.
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