Masood Al Awar, the CEO of TASWEEK Real Estate Marketing and Development
New regulations on real estate financing, leasing and supervision of financial companies issued by the Saudi Arabian Monetary Agency (SAMA) are expected to transform the Saudi property landscape. Masood Al Awar, the CEO of TASWEEK Real Estate Marketing and Development, discussed the industry challenges and opportunities posed by the mortgage law revamp today (Sunday, December 9, 2012), the opening day of the Riyadh Real Estate Summit taking place as part of the 2012 Cityscape Riyadh real estate networking exhibition and conference.
Masood also formed part of an expert panel at the Riyadh Real Estate Summit workshop titled ‘Capitalising on the Home Financing Market Under the new Mortgage Law.’ Masood provided valuable insights on how to identify investment opportunities and establish home financing products and companies under the new mortgage law. He also commented on short-term investment risks and the impact of SAMA legislation in this regard.
Masood took the opportunity to share TASWEEK’s UAE experience with mortgages and present some of the company’s premier financing capabilities. He also talked about TASWEEK’s impressive USD 250 million international property portfolio which began being built up in 2009 and is projected to produce a solid annual investment yield of between 5 and 7 per cent.
The new SAMA legislation will overhaul the domestic home finance market, from registering mortgages to allowing judges to prosecute police officers who fail to complete eviction orders. The changes have the potential to increase residential lending to around USD 32 billion annually. The rules will eventually lead to the establishment of licensed private mortgage providers and a government-owned refinancing company.
“There are many factors that make Saudi Arabia a leading property hub, such as its strategic location, quality of planning, and high demand for integrated urban projects. The SAMA legislation aims to further accelerate market growth. Developers and investors need to know how the new laws affect their decisions and operations and how it will shape local real estate in the near and long term. Cityscape Riyadh is a timely platform to discuss the challenges and opportunities ahead and TASWEEK is more than eager to share its own thoughts and expertise on the matter,” said Al Awar.
Running from December 9 to 11, 2012, Cityscape Riyadh will provide an ideal environment for real estate practitioners and stakeholders to do business, debate and discuss, and build new partnerships. The introduction of the new mortgage law further heightens the relevance of the major industry event.
TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the property markets, has over 20 years of innovation, leadership and market expertise in the MENA property sector. Offering a one-stop-shop for all real estate needs, the company leverages its two core competencies of networking and know-how. TASWEEK’s services cover Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy.