24/02/2021
During a workshop with real estate developers
Asharqia Chamber and "Wafi" discuss the real estate sector challenges
Based on the keenness of the Wafi program to meet with partners in the real estate sector, including developers, beneficiaries, financiers, service and advisory bodies, and the continuation of cooperation with the real estate committees in the chambers of commerce, the "Wafi" team reviewed in the meeting hosted by the Real Estate and Urban Development Committee in the Asharqia Chamber of Wafi’s current work and plans, answering the participants ’inquiries and discussing their proposals.
The workshop, which was held recently and managed by the Chairman of the Committee, Eng. Hamid bin Hamri began with a review by Eng. Abdulaziz Al-Muhaimid, The Chairman of the Off-Plan Sales or Leasing Committee, the current development plan which was launched to include several axes, including preparing an updated strategic plan for the program to keep pace with the aspirations at this stage, which coincides with the launch of projects Major preparation and ambitious targets in the housing sector and enabling the legislative and regulatory environment for the real estate sector in addition to what the agency needs at this stage of building internal capabilities through building departments of institutional excellence, supporting project management and activating procedures for supervising licensed projects in conjunction with market monitoring to limit any practices that conflict with the rules the organization of the activity.
The proposals and observations made by the participants, which focus on facilitating procedures and documentary departments to obtain products and services, most notably those related to the conditions and requirements for qualifying developers for off-plan sales projects and licensing of projects, and the challenges facing developers in financing projects and the consequent obstacles, and expediting the disbursement process on projects from cash flows in escrow accounts, in addition to proposals and notes for the adoption of a cut-off limit for engineering completion of projects, specifying delivery dates and other challenges and removing obstacles for developers.
The workshop concluded with the Chairman of the Committee confirming that this meeting comes as part of a series of workshops in which Wafi employees participate, to confirm the partnership and that such meetings are the main source to support business, launch initiatives, and provide innovative solutions, and with a special invitation to developers working on small and medium enterprises to benefit from the services provided and facilities Granted to them and the advantage of financing activity by offering off-plan sales products and reaching all target segments through all available channels.
