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About Wafra

Established in 1984 as a governmental real estate service provider, Wafra is fully owned by the Public Institute for Social Security (PIFSS), the National Social Security System for Kuwaitis covering all citizens who are active within the community.

Primarily set up with the objective of managing the real estate portfolio of PIFSS, Wafra has today transformed into a profitable company that specializes not only in Real Estate Management but also Real Estate Investment in the Commercial and Residential sectors.

With over KD 200 million in managed assets, Wafra today builds, operates, manages and maintains various real estate investments/ projects in the residential, commercial and business segments in Kuwait.

As one of the oldest in its field, Wafra builds upon its strong roots in connection with PIFSS and the government, bringing forth the underlying national humanistic social responsibility and taking advantage of its diversified portfolio of real estate developments.

This combined with its modern image and positioning, low risk business operating model, long term investment basis following an innovative management concept and style that adapts and keeps up to date with the market trends and real estate requirements and activities, gives Wafra an edge over other real estate companies in the country and the region.

Mission

As long term thinkers, we are dedicated to developing the real estate industry in Kuwait and regionally, influencing the market place by bringing stability and contentment to the lives of people and society.

Vision

We strive to create a legacy through building our community with diverse and paramount landmarks marked with our national responsibility, creativity and vast experience.

Values

Wafra is marked by a collection of shared beliefs that are held sacred across the organization and by stakeholder groups. These values act as a benchmark to measure our behavior and performance.

Objectives

•  To position and establish ourselves as a leader in the real estate industry

•  To shift positioning from being perceived as a governmental organisation to a Pioneering Real Estate Company

•  To increase our market share especially in the current scenario where the global financial crisis has affected many real estate developers

•  To building on qualities, assets and network so as to gain greater market share

•  To offer a portfolio that comprises a judicious mix of property development, viz., commercial, residential and mixed use development

•  To develop real estate that is in line with market requirements and trends

•  To accord due priority to tenants in order to retain and maintain them

•  To establish credibility and transparency in the real estate marketing offering of the country

Strategy

As the core developer and service provider of commercial, residential and mixed use property developments in Kuwait, Wafra enjoys a credible reputation and rich history not to mention the inherent strong backbone and stability of ownership that comes from years of affiliation with PIFSS.

Apart from this, the management of Wafra is well connected and financially well supported to take the company to the next level of growth and expansion.

As a strategy, Wafra plans to build on its rich and historic past by capitalizing on its association with PIFSS, its reputation for quality, credibility and a strong and diverse knowledge base of the Kuwaiti market.

Wafra Property Management

The Real Estate Department offers comprehensive integrated services related to all properties owned and/ or managed by WRE, aiming to achieve returns with acceptable risk rates in order to enhance the efficiency of the portfolio’s performance.

The department also continuously coordinates and communicates directly with property owners to cater their demands, handles leasing and evacuating procedures, resolves tenants’ issues, and supervises properties overall in coordination with the Maintenance Department.

In addition, the department periodically reports the financial and administrative performance of the properties in detail, including expenditures and revenues of each property, as well as updated monthly occupancy rates. The department also conducts frequent market reviews of rental rates across various real estate market sectors in order to ensure competitive rates are charged to clients.

The department’s main objectives are constant development, maintaining high standards of the properties, implementing safety and security standards, and achieving the highest levels of communication with the tenants.

Project Management

Responsibility of the Project Management Department is to offer turnkey solutions, from planning, designing, and through execution. The department's activities complement the company’s plans and ambitions through three interactive divisions

The first is the Research and Development Division, which handles the technical plans for proposed projects, develops current projects, and is responsible for renovating and fully maintain existing properties. This department also creates additional leasable areas to enhance the properties’ performance in compliance with the State’s rules and regulations, and researches and develops new investment tools.

The Design Division is in charge of developing the optimal design for each project, selecting designers and consultants locally and internationally through the use of architectural contests with preset guidelines. This division supervises all design stages.

The Execution Division’s role starts with the project execution stage and includes coordinating the bidding procedures, appointing contractors, supervising project execution, and completing the project in accordance with quality control guidelines, the budget and timeline.

The Project Management Department, with its three divisions, follows best international project management standards through continuous update of project management procedures and implements the latest technologies on all project aspects.

Project Management Department Services

The department offers a wide range of professional services, to set a comprehensive guideline for managing the project, ensuring quality, sustainability, and efficiency in executing any project.

Pre-construction  / phase – planning

The early phase of the project cycle, i.e. planning, is critically important in ensuring quality, proper time and cost management.

•  Identifying program and project requirement

•  Selecting location and planning

•  Appointing design consultant

•  Developing estimated budget calculation

•  Acquiring governmental permits

•  Feasibility studies

•  Value engineering and analyzing project’s life cycle

•  Financing and planning

•  Project planning, scheduling, reviewing, and management

•  Bids management

Construction phase

In this phase, sketches and specifications are transformed into a tangible reality, including organizing and coordinating all resources such as building equipment and materials, labor, technology, time and money, to ensure smooth execution of the project within time line and budget while meeting quality standards pre-set by the company according to design

•  Cost monitoring and reporting

•  Contract management

•  Safety management

•  Scheduling and preparing reports

•  Construction supervision

Post construction phase

This phase is the end of construction and the launch of operations, transfer, and maintenance.

•  Operating and maintenance planning

•  Planning launch of operations

•  Planning transfer operations

•  Plans registration management

•  Review safeguards and guarantees

•  Facilities management

Investment Department

Investment Strategy

Wafra’s investment strategy is to target opportunities in the real estate sector that would generate sound returns with a potential for capital appreciation through the best risk-adjusted returns strategy. The niche of Wafra is it’s capability of utilizing its internal departments (Property Management, Portfolio management, Project management, Legal, Maintenance) and working together by formulating the best acquisition strategy with required returns whether investing in income producing assets or land development.

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