MREC Integrated Real Estate Services and Saudi Amaco Group have signed a strategic agreement to promote and organize conferences and exhibitions, Invest-Gate reports

Under the agreeement, MREC will promote WAFIEX 2019 exhibitions for off-plan real estate projects, which will kick off in Saudi Arabia from March 9 to 11, according to a statement on February 17.

WAFIEX will be held under the patronage of the Saudi Ministry of Housing and in the presence of Saudi Minister of Housing Majed bin Abdullah Al Huqail. The exhibition will bring together a large number of Saudi, Egyptian, UAE and European companies to showcase their projects.

During the press conference held on February 17 in Cairo, Saad Al Qahtani, business development adviser for Amaco Group, organizer of WAFIEX conference and exhibition, said that the company has launched the first edition of WAFIEX conference and exhibition in March 2018 and was interested in highlighting Wafi program for off-plan sales or rent.

Al Qahtani pointed out that this year will witness the launch of a larger edition of the exhibition on a total area of ​​1,800 square meters, while allocating a maximum of 30-square-meter space for every company to allow the participation of the largest number of companies, which will be provides fully equipped showrooms.

“The exhibition will enable existing companies to attract a base of Arab customers and achieve positive results in exporting real estate,” he elaborated.

Al Qahtani added that the exhibition adopts various advertising mechanisms such as social media platforms, as well as TV media, newspapers and outdoors ads, as well as, SMS. Media ads target reaching more than 3 mn people in many areas in the Kingdom including Jeddah and its suburbs, Taif, Medina and Rabigh, he explained.

MREC Chairman Mahmoud Abdel Halim said that his company has succeeded in acquiring 25% of WAFIEX 2019 to create an exhibition space for Egyptian companies to be present after six years of absence from Saudi market.

Abdel Halim noted that his company has conducted market studies on the demand on Egyptian real estate by Saudi clients, which showed great interests from Saudis in 6th of October and  Red Sea cities, as well as Egyptian expatriates in East Cairo areas such as Fifth Settlement, the New Administrative Capital (NAC), and Mostakbal city.

He also disclosed that Amaco Group succeeded in concluding an agreement with the United Bank to provide mortgage financing in the exhibition for Saudis wishing to acquire units, especially those with immediate delivery, in the Egyptian market, in addition to providing mortgage finance to Egyptian expatriates up to 15 years.