10/12/2013
Minister of Housing sponsored the Housing and Mortgage symposium organized by Eastern Chamber tomorrow
Rashid: contribute in supplying the proposals in order to facilitate and expedite the processing of the development of the housing
Al-Qahtani: government officials viewing the role of institutions Mortgage
Financial advisers, economists viewing solutions to the reality of housing
The symposium entitled ' housing and mortgage finance ' organized by the Chamber under the auspices of the Minister of housing Dr Shaweesh bin Saud Al-dweihi incubating the Chamber main headquarters on Wednesday 11 December 2013. The Chamber's Chairman Abdulrahman Al Rashed, said the symposium aims to draw a picture of the reality of housing, new real estate laws and regulations, and real estate financing institutions. AlRashid said that the housing sector is directly related to the strategic development and keeps up with the Renaissance of the Kingdom, with increasing interest at both official and popular and valuable initiatives launched by King Abdullah for promoting this sector cope with the aspirations of its citizens to meet the challenges faced by practical and sincere initiatives highlighted in turn to Housing Department implemented by the Government's aspirations on provision of housing to citizens and reduce the gaps in the industry.
AlRashid noted, among other initiatives, decisions and legislation aimed at creating viable solutions to the housing problem, hence the importance of the Chamber seminar to examine this situation and contribute offering a range of proposals that contribute to facilitating and accelerating the process of solution. The Chairman of the Chamber real estate Committee of Dr. Ayed bin Farhan al-Qahtani said the Chamber real estate sector expanded the effort to resolve many problems afflicting the sector because of its importance to social and economic development and hence the idea to hold such a symposium, hailing the resolutions issued by King Abdullah, the Ministry of housing and land planning file for housing, infrastructure, and giving citizens eligible land developer, and loans Financial.
It also noted that the Chamber had been pursuing economic events and developments at the local level, to study and give recommendations and proposals, out of concern for the national interest, and support the participation of the private sector in national development. The housing scientific program of the Symposium contains 4 meetings the first meeting at 9 am (an overview of the housing sector) to review the housing and proposed solutions by the first paper by Mohammad bin Abdullah alkoihas, and in the second paper presents Commission real estate units will the Ministry of trade and industry Henry akeel comprehensive explanation of regulations the sale of real estate units will, Chair, Chairman of the National Committee of real estate Council of Saudi Chambers-alshoier.
New regulations in the second meeting held at 10 am and headed by Abdulaziz Ramin Chairperson of the Development Committee of the eastern region Council, titled (new mortgage regulations) provide the Assistant Undersecretary of the Ministry of Justice for registration real estate Sheikh Osama Abdullah Al-Zaid, a working paper entitled (mortgage and systems implementation) with real estate Chamber Committee member Dr. Riyadh Abdulwahab bin Abu Dahesh talking on leasing through a working paper entitled (both leasing and real estate finance).
Funding institutions or third meeting held at 11 am (real estate and housing finance institutions) and headed by Dr. Abdulaziz bin Mohammed Chairman of the Board of Directors of AFG will present working papers first to the Director General of the real estate development fund, Mohammed Ali alabdani where he talks about the Partnership Fund and the private sector. The second paper also offers Chamber real estate Committee member Dr. Bassam m. body (real estate finance and its role in the development of real estate development and housing) with dedicated meeting space for discussion.
The main hearing in the final plenary session that will be held at 1 pm in the patronage of the Minister of housing Dr Shaweesh bin Saud Al-dweihi reviewed his national housing strategy and honors sponsors Forum: the diamond company sponsors sumou holding and Ansari, Rashid Abdulrahman Al Rashed and sons (real estate section), and the platinum group bin Hafiz real estate, Gold sponsors: musharaf and Abdullah Solomiman investment Group Inc. Rtal of urban development, media sponsor Alyoum Media House.
The national strategy and the seminar aims to highlight the national housing strategy and strengthen the partnership between the private sector and the Ministry of housing, enabling experts and professionals to exchange information and experiences on good housing environment, and discuss the factors contributing to improve neighborhoods and make it more dynamic and a new perspective of urban neighborhoods, social, security and environmental and esthetic, and models to address the needs of the population in residential areas and interact with environmental and economic effects for pointing out that the symposium aims to draw a picture of the reality of the housing and real estate laws and regulations New real estate financing institutions.
Real estate products as the Symposium coincides with the diversity of real estate products which reflect the growing size of the estate which reflects the potential of finance companies, real estate development and private sector response to the growing demand for real estate. It also highlights the most important forum in the real estate community as well as those who wish to take advantage of the private sector through the involvement of a number of specialists and experts will debate and research successful experiences in service sector and upgrade its products. Real estate in courts on the connected real estate Committee examined the East Chamber the importance of accelerating the adoption of real estate in the Kingdom and courts during a recent Committee meeting. The meeting concluded that the adoption of the Court would contribute to the report of a sector and promote investment for the region, stressing its role in safeguarding the rights of investors in this vital sector.
the engineer alkoihas Worksheets ,in his paper mentioned a number of recommendations after the State intervened in time to curb the housing crisis and try to control the execution of 500 thousand residential units and BUR namag land and loan but it is very clear that the Housing Ministry would not be able to solve the housing problem alone as demand for housing units in the growing large enough to indicate that the number of applications for loans, real estate development fund, which reached over 2 million let alone not Provide a large segment within the social security program loan amounting to approximately 500,000 families a significant proportion of them do not have the housing with the need to take into account that a large proportion of the population of young people who will look for private accommodation.
The rights of buyers Alaqel in his paper on the functions of the Commission on the sale of real estate units on the map to determine the necessary documents for registration in the register of real estate developers, and technical and financial qualification requirements to developers, conditions for rights of buyers and the protection and development of the terms and specifications of the escrow account and supervision, and operating conditions in the benefits involved in the project, identifying the responsibility of the parties involved and their role in the disbursement of payments, in addition to the requirements for disclosure of real estate sold and record documentation. He said that the functions of the Secretariat of the Committee is to direct communication with customers, receive orders and make sure they meet the requirements, reviewing applications and communicate with applicants and requests the Committee to recommend and review engineering and accounting reports for follow-up projects with stakeholders. Arranged and documented record of the developers, and escrow accounts.
The strategic plan Sheikh Zaid also speaks of on envisaged in the objectives of the implementation system implementation on the ground after a comprehensive strategic plan involving all relevant stakeholders in the implementation of the system and specify a time period to implement the plan and to create ways to make it successful as hoped. Zaid in his paper refers to the importance of implementing a system most important development in the judiciary, as well as apply these important controls and appropriate mechanisms for the implementation of the provisions, decisions and related system and eliminate procrastination in implementing judicial decisions and the lack of legislation system. Abu Dahesh refers to the importance of the refinancing companies and record contracts, the quality of the two institutions must be (financier's lessors) and no investor or a mix of both to avoid conflict of interest and create balance and independence required that those companies must play in real estate financing market.
Challenges of development fund alabdani also reviews the main challenges facing the real estate development fund, the high volume of demand for housing and the need for them, in Exchange for lower supply and lower procurement capability and high land prices and the need for new mechanisms to resolve the problem, talking alabdani in his paper on funding programs that contribute to addressing some of the details of the housing. The body speaks on housing finance share of UK GDP compared to European countries and the reasons for the low offer on housing finance applications and their relationship to the low level of per capita income and local banks as well as their relationship with the regulatory and legislative environment.
Body also provides some statistics on the cost of important digital housing for annual per capita income in the Kingdom after the mortgage on the housing market, in addition to the difficulty caused by the selling system will real estate developers and local banks than the size of the potential of this tool.
