A successful businessman is one who possesses several abilities and talents and is characterized by a spirit of adventure, as well as having self-confidence to reach what he aspires to, and a successful businessman has the ability to find alternative solutions according to a clearly defined vision. These qualities are embodied in businessman Sulaiman bin Ibrahim bin Mohammed Al-Rumikhani, head of Sulaiman Al-Rumikhani Investment Group, where he manages his investment group according to a clearly defined vision, philosophy and strategy... An ambitious and qualified man who earned a Bachelor of Business Administration in Management from America. He has several accredited certificates in real estate appraisal. His resume is studded with certificates of appreciation and qualification from several local, regional and international organizations.
\n Businessman Suleiman Al-Ramikhani is the best successor to his predecessor, as his father, Sheikh Ibrahim Al-Ramikhani, may God have mercy on him, had a great impact on his personality and the success he achieved.
\n Amlak newspaper met with businessman Sulaiman bin Ibrahim bin Mohammed Al-Ramikhani, and conducted a lengthy interview with him, in which he talked about his journey in the field of investment work in particular and the field of real estate and construction in general, as well as his management philosophy with which he manages his investment group. Here is the text of the interview:<\/p>\n
[How do you see the real estate situation in the Eastern Province now and in the future?]
\n This cannot be summarized in a few words, but in general, real estate in the Eastern Province can be divided into two parts:
\nFirst: An apartment where there are lands and plans that are sufficient and more than the needs of the region, but its issue is that Aramco has seized most of them and paralyzed the movement of sale and development of those plans and most of them have clear legal instruments, but Aramco claims that they are within its privileges and we demand that the company either value these instruments and take them or remove its hand from them and the citizen benefits from them. .
\nThe second part is due to the fact that everyone was waiting for the mortgage and what it would bring with it and everyone is taking precautions, after the mortgage and financing system was approved. .<\/p>\n
[Who is waiting for the mortgage, the citizen or the merchant and who benefits?]
\n\u201cOf course, the first beneficiary is the merchant, but it is the citizen who will be harmed, as the increase in \u201dcash\" offered has its effect on increasing the demand for goods and real estate, and therefore I expect the price of real estate and land to rise continuously after the mortgage and real estate financing system has been approved, as banks and finance companies will enter the market strongly after they are officially allowed to practice although they have been doing so behind the curtain and their return on investment is excellent.
\nWhy don't banks have a set percentage of the funding amount instead of varying and increasing it?
\nI see that the matter is broad and there is no concern about it, but what the state - may God protect it - has done in terms of regulation will contribute to opening the door to strong competition between banks and financing entities, which will impose a competitive price and a very reasonable percentage, as the doors are available to the citizen unless there are conglomerates between them, and I believe that the Ministry of Commerce and those concerned are monitoring the matter and the market is stronger than all of them and will impose a fair and economic price that is satisfactory for both parties, but the matter needs time to mature.
\nAdditional loan
\nWith rising prices and the introduction of mortgages and financing, a mortgage with an additional loan does not reach one million riyals, is this enough to solve the issue of home ownership?
\nThe state seeks to find suitable solutions for the citizen, but the lands are controlled by some merchants and their prices are unreasonable, in addition to Aramco, which put its hand on vast areas and plans, which helped exacerbate the crisis in the eastern region in particular. At these prices, the citizen cannot own a villa, so the ambition of the Saudi youth is gradually changing, as his ambition has decreased from owning a villa to owning a duplex, and now he is looking for an apartment and their prices are also very high compared to their areas, but the citizen is forced to provide shelter for his family and escape from rent and the arrogance of real estate owners.<\/p>\n
[Are there plans ready to be launched in the Eastern Province in 2013?]
\nBut the obstacle is that any real estate developer who wants to develop a plan must obtain a letter of clearance from Aramco, otherwise the Municipality will not allow him to do so, and when we asked to develop some of the plans owned by us with legal deeds, the Municipality transferred our transaction to the Ministry of Mineral Resources, which in turn transferred it to Aramco. We expect to find solutions, especially after the Dammam Chamber of Commerce raised the claims of businessmen and those affected by this matter. We believe that if Aramco were obliged to compensate, it would give up the land and say, \u201dI don't need it.\u201d.<\/p>\n
[What makes investing in the Eastern Province different from other cities?]
\nThe Eastern Province is characterized by the kindness of its people, and there are no questionable sukuk, nor are there any issues of overlapping land or random areas as we hear about in other cities. We are accustomed to calm and peace in our business dealings with everyone. I don't see that there are many stalled projects in Dammam, and if there are, they are limited and are due to their owners directly and the extent of their thinking.<\/p>\n
[There is a lack of towers in the Eastern Province compared to other coastal cities, why?]
\nThis is because the Eastern Province in general does not have a renewed development wheel, so we do not find huge projects for development, for example, we find the expansion of roads and streets is limited and slow, as the region is still virgin and needs large markets \u201cmalls\u201d and multiple entertainment venues. There are also obstacles and old systems that are more than 40 years old and must be changed and developed, and I believe that the secretariats and municipalities are part of the obstacles, so we need a clear strategy that extends for fifty years and is not temporary.
\nGroup activities<\/p>\n
[You launched your first residential project in alliance with Awal Real Estate Investment Group in Riyadh and Sharqiya, tell us about this project?]
\nThe project is implemented by Aqar Net Real Estate Investment Group, a subsidiary of Sulaiman Al Rumikhani Investment Group, in alliance with Awal Real Estate Investment Group. The project includes the construction of 200 residential units in the Eastern Province and Riyadh, and we have allocated the project for middle-income people, while the areas of its residential units range between 400 and 550 square meters.
\nThe implementation of the project comes to contribute to reducing the housing crisis suffered by a number of regions of the Kingdom, especially the densely populated regions of Riyadh and Sharqiya.
\n The group has allocated large sums of money to invest in low-income housing projects and aims to provide suitable housing for Saudi citizens, especially after the approval of the mortgage and financing system. <\/p>\n
[And what about the management of your group and what other activities within the group?]
\nOur main business that occupies our time is real estate development, while other activities, such as optical and medical projects, have plans to become independent companies with their own management. There is no doubt that the use of modern technology in management has helped save time and increase the efficiency of operational work. My son, who majored in computer science, helped me to follow up the installation and supervision of the technology and achieved great success. I advise any businessman who has multiple activities and branches to use modern technology with the need to install a network of cameras via the Internet because it works to upgrade the quality of work and raise the level of performance, the network has a great impact on employee activity in the development and quality of work, and it saves effort and time and enables you to follow up your work while traveling.<\/p>\n
[Do you have investments outside the Kingdom or in other cities?]
\nNo, we do not have any foreign investments and we are looking for opportunities in any city and we prefer local investments because of the ease of management and our knowledge of the regulations, and we are thinking of investing in the city of Jeddah but we have not found a suitable or good opportunity so far and we are afraid to invest in it unless the sukuk is clear and there are no doubts in it.
\nManagement philosophy<\/p>\n
[Please tell us about your management philosophy and strategy?]
\nI believe that the most important elements of the administrative pyramid are credibility with all workers, whether through rights or incentives, giving full powers and following up on their application according to a specific and clear system for all, as for limiting and restricting development and reducing enthusiasm and productivity, and I am a supporter of decentralization in management, especially with expansion, and the matter needs modernization and business development and firmness in applying what has been set.
\nWhat is your strategy for the next five years and is there an intention to turn the company into a shareholder?
\n We are studying an ambitious plan that is consistent with the state's directives to encourage real estate development and provide housing for citizens, especially those with limited income, and from here we will expand in real estate development projects by building distinctive housing units that are in line with housing regulations to meet the needs of Saudi families and their culture. As for transforming the company into a joint stock company, yes, we have the idea and it will turn into a closed joint stock company and will have partners from investors and businessmen according to an integrated management vision and goals.<\/p>\n
[You have previously called for citizens, especially young people, to focus on choosing affordable housing, how can this be done?]
\n Unfortunately, we find that more than 40 percent of the areas of Saudi homes are completely unused and this is a waste of developed land, so it is necessary to convince and educate the citizen on how to choose the appropriate economic housing for him and his family according to his monthly income.\" The citizen must be persuaded and educated on how to choose the appropriate economic housing for him and his family according to his monthly income.<\/p>\n
[Are you ready to support serious young Saudis?]
\nOf course they are. The proof of this is that there are many Saudi cadres who occupy a prominent place in the map of my group because they work hard and actively, and I personally put all my expertise and capabilities in front of the ambitious Saudi youth who work hard and actively because such young people should be supported and encouraged by businessmen.
\nEntrepreneur and family<\/p>\n
[Family stability, does it have a positive impact on an entrepreneur?]
\nUh, sure. Sure... Family stability gives a businessman tremendous energy to achieve more successes, as the family is one of the main pillars from which the businessman launches towards broader horizons, and I, praise and thanks be to God Almighty, have been blessed with good wives and good offspring, and this has helped me a lot, as I find all of them all support, especially my wives, as they were and still are a support for me and I consider them partners in the success that has been achieved.<\/p>\n
[In your opinion, do you think that expanding the construction of housing units will alleviate the crisis, and do you have statistics on the percentage of citizens who do not own housing and the percentage of renters?]
\nIn fact, we find that more than 60 percent of Saudis do not own housing and live on rent, and pay more than 15 percent of their income for housing, so I propose the establishment of a real estate company established through a partnership with state investment funds, whose goal is to build housing units, distributed to low-income people and government and semi-government employees according to profitable returns commensurate with the employees' income, as a solution to the housing crisis in the Kingdom.<\/p>\n
[How do you see the public and private sectors contributing to solving the housing crisis in Saudi Arabia?]
\nThere are several proposals that can contribute to solving the housing crisis, including the expansion of real estate development companies specialized in housing, restructuring regulations so that they are more flexible to meet the needs of citizens and make it easier for them to own housing, and also to be in line with the new culture of society and the needs of the younger generation.
\nIt is also necessary to expand the study of modern building systems and approve the appropriate ones for the Kingdom's environment and the culture of its society, as we find very few real estate, construction and real estate development companies that have developed their mechanisms.
\nMortgage and mortgage regulations<\/p>\n
[How do you see the impact of the approval of the mortgage and mortgage finance systems on the housing and real estate market, and how do you see the role of the Ministry of Housing?]
\nFirst of all, we must express our thanks and appreciation to the government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, may God protect him, as our wise government has made great efforts to solve the housing crisis, most notably the decisions of the Custodian of the Two Holy Mosques to build half a million housing units, which contributes greatly to solving the housing crisis.
\nAs for the financing and mortgage systems, I believe that they create the right climate for the real estate and construction market, but it is necessary to establish major companies and alliances, and the Ministry of Housing has recently taken serious steps to solve the housing crisis, represented by the launch of the additional loan and signing contracts with several financing entities and national banks to contribute to solving the housing crisis. <\/p>\n
[The Saudi real estate market has mixed opinions about it, some consider it unorganized and chaotic, while others consider it the best in the region. What do you think?]
\n I personally disagree with those who describe the Saudi real estate market as chaotic, but it is the best in the Arab region, and what confirms this is its cohesion during the global financial crisis, and we find many international and Arab companies entering the Saudi market from time to time, especially in the field of construction and development.<\/p>\n
[Does this mean that the Saudi market does not need regulation and legislation, and what is the reason for the high land prices?]
\nNo. I didn't say that. The Saudi real estate market, despite its preference, is still in need of some regulations and legislation, and we have to start with the fictitious companies that have greatly affected the reputation of the market and the large number of expatriate workers who dared to start making the largest real estate deals, so field tours must be intensified on real estate offices and defamation of violators.
\n As for the rise in land prices, several reasons and destinations overlap, but brokers are considered the main reason for the rise in land prices, especially residential ones. <\/p>\n
[A final word at the end of this meeting?]
\n I thank you very much and I hope that the media will contribute to supporting the real estate and construction market, as your distinguished newspaper came at a sensitive time to cover the information gap about the real estate market and what is happening in it. .<\/p>","protected":false},"excerpt":{"rendered":"
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