Bidaya closes successful portfolio sale transaction

Bidaya CEO Mazin Al-Ghunaim
Updated 10 July 2018

Bidaya closes successful portfolio sale transaction

Bidaya Home Finance has successfully closed its inaugural Ijara Portfolio sale transaction. The portfolio was sold to the Saudi Real Estate Refinance Company (SRC) on June 28.

In line with the company’s business model of originating, holding, selling and servicing mortgages, Bidaya plans to undertake a series of such transactions in collaboration with SRC over the coming years.

“This is an important milestone for Bidaya as it demonstrates the company’s ability to complete the mortgage financing business cycle as per our business model,” said Bidaya CEO Mazin Al-Ghunaim. “We are thankful to SRC for supporting Bidaya in its mission to enable housing for all Saudi citizens in line with the Kingdom’s Vision 2030, and we look forward to a long-term working relationship with SRC for the growth of the mortgage finance market in Saudi Arabia.”

“The portfolio sale transaction marks the strengthening of our partnership with Bidaya and is aligned with our mission to increase liquidity in the Kingdom’s mortgage market so that more Saudi citizens can own their homes,” said Fabrice Susini, SRC’s chief executive. “Our combined efforts with Bidaya and other government and private sector organizations will contribute to the realization of Vision 2030’s housing goals, one of which is to increase home ownership to 52 percent by 2020.”

Elaa to redefine corporate & government travel in KSA

Updated 20 October 2020

Elaa to redefine corporate & government travel in KSA

Seera Group, a travel services company, has announced the launch of Elaa 3.0, a digital travel management solution (TMS) that has been designed to optimize corporate and government travel bookings across Saudi Arabia.

A new dedicated portal has been launched for Elaa, Seera’s travel management company, which enables employees of partner organizations to make all their bookings and travel planning seamlessly without having to go through a tedious and costly manual process. This means reduced cost through higher levels of transparency, predefined policy setting and travel management efficiency.

“Elaa made the most of the downtime caused by travel restrictions during the pandemic by digitizing and simplifying the processes and enabling continuous improvement and innovation for its partner companies across private and public sectors,” a statement said.

The new improved platform can digitally connect everything for customers whilst supporting them in the new normal, as travel management policies, structures and strategies have changed following the COVID-19 pandemic.

Government ministries, departments and corporations with large-scale travel management requirements, can now manage all their requirements through Elaa’s new portal, which is designed as a flexible and scalable booking platform that is easy to navigate and is both time- and cost-efficient.

Abdulrahman Mutrib, executive vice president and group chief technology officer of Seera Group, said: “The new reality has brought a significant change in the travel requirements of corporate and government entities. Travel policies are constantly being updated or reviewed, and only a travel management system that can factor in these changes in real-time can add true value to organizations. Over the past years, we have been investing significantly in digitizing our processes, and we are now ready to offer the next-generation TMS system for our customers.

“The digitization of the processes, end-to-end, will mean less complexities in bookings, easy modifications and changes, as needed, and higher levels of operational efficiency. The automation of travel management, through Elaa 3.0, will lead to not only saving time but also cost advantages for the organization.”

Among the benefits for customers include search, select and booking of employee trips as a self-service, as well as a streamlined and swift digital approval process seamlessly regulated with pre-configured internal travel policies.

“With real-time tracking of booking requests, Elaa 3.0 serves as a revolutionary product in the travel market sector in the Kingdom,” a statement said.

Elaa’s highly secure and automated platform aims to redefine corporate and government travel for the new era. Elaa, meaning “trusted adviser” in Arabic, has activated a suite of internal training programs to familiarize customers on the new models that will be implemented.