News
2026-05-09
The Minister of Housing discusses with the Capital Market Authority and the Savings Bank mechanisms for real estate financing through sovereign bonds.
Minister of Housing and Construction, Engineer Essam Al-Tammouni, met today with representatives of the Capital Market Authority, including Mr. Mahmoud Wafa, Chairman of the Board; Mr. Osama Hassan Al-Basir, Director General of the Department of Supervision and Control of Financial and Banking Instruments; and Mr. Ramadan Suleiman Al-Marhan, Advisor to the Capital Market Authority. 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 Mohammed Al-Amin, Director General of Al-Waha Real Estate Investment Company; and Dr. Mohammed 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 entities with a shared interest in developing real estate investment and financing projects. The Chairman of the Authority opened the meeting with a brief overview and visual presentation on the Authority's activities and a comparison of some countries' experiences in issuing sukuk (Islamic bonds). The attendees then discussed at length the financial procedures regulating the work 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 meeting also included a discussion of the experiences of other countries in issuing sukuk. The attendees discussed unifying 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 studied and analyzed in subsequent meetings, with a detailed explanation 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 mechanism for issuing sukuk (Islamic bonds) and fulfilling the legal and financial requirements.
In conclusion, the Minister noted that success comes gradually, with well-planned and professional steps, a sound implementation mechanism, and by learning from past experiences, examining their strengths and weaknesses, and striving to avoid mistakes in the future.
The Minister welcomed the attendees and explained that this meeting aimed to unify efforts among relevant entities with a shared interest in developing real estate investment and financing projects. The Chairman of the Authority opened the meeting with a brief overview and visual presentation on the Authority's activities and a comparison of some countries' experiences in issuing sukuk (Islamic bonds). The attendees then discussed at length the financial procedures regulating the work 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 meeting also included a discussion of the experiences of other countries in issuing sukuk. The attendees discussed unifying 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 studied and analyzed in subsequent meetings, with a detailed explanation 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 mechanism for issuing sukuk (Islamic bonds) and fulfilling the legal and financial requirements.
In conclusion, the Minister noted that success comes gradually, with well-planned and professional steps, a sound implementation mechanism, and by learning from past experiences, examining their strengths and weaknesses, and striving to avoid mistakes in the future.