Minister of Housing and Construction, Essam Al-Tamouni, met Monday with representatives of the Stock Market Authority, headed by its Chairman Mahmoud Wafa with a view to developing real estate financing mechanisms.
Also present were Mr. Al-Hussein Hammouda, Director General of the Savings and Real Estate Investment Bank; Mr. Al-Hadi Al-Taif, Director of the Planning and Investment Department at the Savings Bank; Engineer Muhammad Al-Amin, Director General of Al-Waha Real Estate Investment Company; and Dr. Muhammad Beit Al-Mal and Engineer Al-Hadi Abu Al-Qasim, advisors to the Minister.
The Minister welcomed the attendees and explained that this meeting aimed to unify efforts among relevant stakeholders with a shared interest in developing real estate investment and financing projects.
The Chairman of the Stock Market made a brief overview and visual presentation of the Stock Market’s activities, comparing the experiences of some countries in issuing sukuk (Islamic bonds). The attendees then engaged in extensive discussions regarding the financial procedures governing the operations of these real estate and financial entities, which benefit the state treasury. This included discussions on sovereign sukuk, corporate investment sukuk, and fixed-income sukuk.
The participants discussed standardizing their operational mechanisms for financing investment companies and engaging public and private entities in construction projects. The meeting concluded with a set of recommendations that will be further studied and analysed in subsequent meetings, with detailed explanations of all aspects of these procedures. The Director General of the Savings Bank presented data on a project that could serve as a model for implementing a sukuk issuance mechanism and fulfilling the legal and financial requirements.
In closing, the Minister emphasized that success is achieved gradually through well-planned and professional steps, a robust implementation mechanism, and by learning from past experiences, examining their strengths and weaknesses, and striving to avoid mistakes in the future.
