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 Arabia’s first housing forum explores opportunities for real estate
Saudi Arabia’s first housing forum explores opportunities for real estate
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Foreign ministers chair Saudi-Omani coordination council meeting in Muscat
MUSCAT: Saudi Foreign Minister Prince Faisal bin Farhan met with Oman’s Foreign Minister Sayyid Badr bin Hamad Al-Busaidi on Monday.
They reviewed bilateral relations between their nations and ways to enhance and develop them across various fields. Additionally, they discussed regional and international developments.
The ministers co-chaired the third meeting of the Saudi-Omani Coordination Council in the Omani capital, Muscat, with the participation of the heads of the Council’s subsidiary committees and the two heads of the Council’s General Secretariat teams.
The meeting comes as an affirmation of the keenness of Saudi and Omani leaders to strengthen ties and advance them toward greater prosperity for both nations.
In his remarks during the meeting, Prince Faisal affirmed that gathering builds on the previous council meeting, held last year in AlUla, and on its positive and fruitful outcomes within the framework of the approved recommendations and initiatives.
He stressed the importance of continuing the work of the council’s subsidiary committees to complete the necessary procedures to implement the remaining initiatives, and of the General Secretariat’s role in follow-up and in addressing any challenges that may hinder implementation.
He also underscored the importance of developing and enhancing trade relations, stimulating investment, and strengthening cooperation between the public and private sectors.
He also praised the ongoing work to establish and launch the Coordination Council’s electronic platform, which aims to connect all committee work and initiatives to facilitate follow-up on the Council’s progress.
Al-Busaidi affirmed in his remarks the qualitative progress in relations between the two countries and the notable development witnessed across numerous sectors toward achieving economic integration and enhancing intra-trade and joint investments.
The Omani foreign minister also highlighted deeper cooperation in the security and judicial fields, as well as the cultural and tourism sectors, noting the advanced and continuous political cooperation, consultation, and coordination on regional and international issues.
