Wathra Real Estate Development Company, a major infrastructure real estate developer, and Ruya Financial Group recently signed a memorandum of understanding to establish real estate investment funds in a number of cities in the Kingdom. <The MoU was signed in Jeddah last week by Abdulrahman Al Muhaidib, CEO of Wathra Real Estate Investment and Development Company, and Engineer Khalid Bishr Al Jabri, CEO of Ruya Financial Group.
Abdulrahman Al Muhaidib, CEO of Wathra: This step comes as a confirmation of the role that Wathra aspires to play in creating investment opportunities that add to the real estate market, and taking advantage of the current demand for investment funds, which are considered one of the best channels of community participation in the components of the real estate market, especially those directed to the housing market.
Abdulrahman Al-Muhaidib, CEO of Wathra. Al Muhaidib pointed out that the investment opportunities that will be studied under this agreement are distributed among a number of major cities, such as Jeddah, Riyadh and Makkah, pointing to the importance of adopting innovative scientific and financial methods in the real estate industry, shifting to more credible investments with low risk ratios, injecting more investments, and raising the level of awareness for investors and consumers.
Since its establishment, Wathra Real Estate Investment and Development Company has started implementing its real estate development strategy by developing three major schemes in Jeddah, on an area of 1,665,934 square meters, divided into 1412 plots, distributed on the schemes of Dora, Jeddah Treasures and Gulf Beach, and these schemes come in line with the rise in demand for residential, office, commercial and hotel properties, while residential properties are more in demand than other sectors although they witness strong continuous demand by the government and private sector - both alike.
Wathra Real Estate Investment and Development Company has started implementing its strategy in the real estate development sector by developing three major schemes in Jeddah. Al-Muhaidab believes that development companies need a great movement in the development of residential projects to balance the balance between supply and demand, as the real estate market depends on up to 95 percent of the individual development of real estate, which may lead to the existence of random development, which requires that there be a regulation of development, which is what is happening now in the market through the development of development projects such as cities and huge neighborhoods in the main areas of the country.
Muhaidab stressed that development companies need a great movement in the development of residential projects in order to balance the balance between supply and demand. Al Muhaidib stressed that the next period will be for real estate development, and he is counting on that there are factors that will protect the real estate market from the state of anticipation, and push it to further growth, and he staked this on several factors to revive the market with the growth of demand, price correction, the expectation of passing the laws of the real estate system, especially the mortgage and real estate finance laws, the decline in the prices of building materials, and government development projects, stressing that these factors will ensure the continued growth of the real estate market for long term years in light of the continued escalation of government spending on projects.
These factors will ensure that the real estate market will continue to grow for years to come in light of the continued escalation of government spending on projects.
