The Commercial Real Estate Department

The Commercial Real Estate Department prepares the executive plan to manage all the real estates owned and managed by Wafra Real Estate Company. Through providing a group of important services which are presented fully in order to achieve the highest revenues for all the lessees with high quality, security and safety in order to the highest means of comfort with all the lessees as the following:
                   

Manage all the owned and managed real estates according to certain targets including meeting the requirements, achieve the procedures of leasing and evacuation, and solve the entire problem that faces the lessees.  

Study the expenses and revenues of the real estates and manage these costs in a way that achieves the interest of all the lessees.

Make the required reports in order to preserve all the efficiency and safety of the real estates.

Follow up the obligations of the lessees that result from this according to the contracts.

Make use of all the real estates effectively in order to achieve the best revenues

Provide detailed financial and administrative reports periodically that show the expenses of every real estate and its revenues. The occupation percent shall been followed up monthly in addition to following up the prices of rent in the real estates market with all of its different sectors in order to achieve agreement with it.

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The Investment Real Estate Department

The Investment Real Estate Department offers comprehensive integrated services related to all investment properties owned 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 to their demands, handles leasing and evacuating procedures, resolves tenants' issues, and supervises investment properties overall in coordination with the Maintenance Department.

In addition, the department periodically reports the financial and administrative performance of the investment 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 properties 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.

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The Investment Department

The Investment Department seeks to acquire opportunities locally, regionally and internationally through identifying attractive real estate opportunities that would generate sound returns with a potential for capital appreciation through the best risk- adjusted returns strategy. Wafra follows a rigorous acquisition process which goes through all types of due-diligence ranging from financial, technical leasing and legal due-diligence.

The following services are provided by the investment department:

• Investment Studies & Advisory.
• Asset Management services.
• Real Estate Reports.
• Real Estate Appraisal.

The Property Management Department

Property management for clients is a specialized management in operating and maintenance of assets and development of non-owned properties by Wafra Real Estate Company

The operations and managing of Wafra real estate portfolios take place based on complete separation from the properties owned by the company

Property management for clients are managed to meet the customers’ needs based on the highest level of management standards. These services are provided through qualified and trained national cadres with long experience in the field  

Following a clear and specific work basis and mechanisms the property management for clients had achieved an excellent results for its customers under company’s management

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The Local Project Management Department

The primary responsibility of the local 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 branches.

The assessment manager for development in the Project Management Department studies new opportunities handed by the Investment Department, by reviewing the Laws & Regulations of the Kuwait Municipality and estimating the cost of the construction of the new development, taking into consideration Real Estate Department (Commercial & Investment) requirements.

The assessment manager for design of the Project Management Department, qualifies local & international architectural engineering offices, prepares T.O.R. and issues a competition according to the Real Estate Department (Commercial & Investment) requirements, then selecting a design.  Developing the design to the standards and requirements of Wafra Real Estate then preparing tender drawings and documents and calls for a tender to contractors.

The assessment manager for construction of the project management department role starts with the design.  Therefore through reviewing drawings to overcome anticipated issues during Construction with the consultant.  Prepare specifications, tender conditions, suggesting materials, selecting and qualifying contractors, issuing and awarding tenders, preparing supervision contracts for construction, approving supervision staff, following up during construction phase, reviewing monthly payments and variation orders according to a specific time frame and budget.  As well as to make sure work is being executed to the highest standards from Contractor and Consultant according to Contract Conditions.

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

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The International Project Management Department

The primary responsibility of the international 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 branches.

The assessment manager for development in the Project Management Department studies new opportunities handed by the Investment Department, by reviewing the Laws & Regulations of the Kuwait Municipality and estimating the cost of the construction of the new development, taking into consideration Real Estate Department (Commercial & Investment) requirements.

The assessment manager for design of the Project Management Department, qualifies local & international architectural engineering offices, prepares T.O.R. and issues a competition according to the Real Estate Department (Commercial & Investment) requirements, then selecting a design.  Developing the design to the standards and requirements of Wafra Real Estate then preparing tender drawings and documents and calls for a tender to contractors.

The assessment manager for construction of the project management department role starts with the design.  Therefore through reviewing drawings to overcome anticipated issues during Construction with the consultant.  Prepare specifications, tender conditions, suggesting materials, selecting and qualifying contractors, issuing and awarding tenders, preparing supervision contracts for construction, approving supervision staff, following up during construction phase, reviewing monthly payments and variation orders according to a specific time frame and budget.  As well as to make sure work is being executed to the highest standards from Contractor and Consultant according to Contract Conditions.

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

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The Marketing Department

The Marketing Department contributes to enhancing the company’s initiatives on various levels. On a strategic level, the department focuses on positioning WRE as a leading real estate company in Kuwait and the region, as well as promoting the company’s new identity. It also coordinates with relevant departments within the company to market their projects so as to raise occupancy rates. It also runs marketing and promotional campaigns in the shopping malls under its management as part of the after-rent services offered to clients.

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The Public Relations Department

The Public Relations Department is very important in the modern administrative systems and is assigned vital roles to highlight the company's bright image, its efforts, and its services to the community, which constitutes a link, communication tool and active interaction inside and outside the company.

The Public Relations Department always strives to achieve a set of key objectives of the company and to develop an interactive strategy between the establishment and customers, which helps to achieve the highest level of leadership of the company at various levels. The public relations department is always pursuing new ideas and approaches which leads to the improvement of the overall performance of the company.

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The Human Resources & Administration Department

The Human Resources and Administration Department manages all staff-related affairs including recruitment, Training & Development, Benefits and Compensation, Compliance and Protection. HR is also responsible for improving the internal procedures, and leading the performance evaluation process to maximize staff competencies. These activities reflect positively on the company’s overall performance and contribute to achieving strategic goals.

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The Legal Department

The Legal Department, as the legal representative of WRE, is in charge of providing legal consultations to all other departments, drafting contracts, and following up on WRE’s legal issues. It also updates the company’s departments with relevant public rules amendments in the State of Kuwait, reviews and edits the company’s official correspondence, and contributes to the amendments of the company’s internal rules and regulations.

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The Maintenance Department

The Maintenance Department is comprised of a qualified team of 150 technicians and administrators specialized in different maintenance activities, and equipped with all maintenance and emergency tools. The department, which operates 24 hours per day, 7 days per week, is tasked with handling the maintenance and operation of all the company’s properties and facilities according to a pre-set schedule.

The department’s services extend to all WRE’s proprietary and managed investments to enhance the properties’ values through advanced technical services.

The team includes specialists in civil, architectural, electrical, and mechanical engineering, in addition to air-conditioning systems, fire extinguishers, plantation, and swimming pools. The department utilizes a computerized maintenance management system, and owns a spare parts warehouse and technical workshops.

The Safety &Security Department

The Safety and Security Department ensures the implementation of strict safety and security procedures in all WRE’s projects, as well as installing, maintaining, and repairing safety and security systems in all the corporate facilities. Other activities of the department include renewing required permits for the malls and buildings, field visiting the units and report their statuses, developing training schedules and instructions for various case scenarios, and coordinating with the Maintenance Department to ensure periodic maintenance of fire extinguishing equipment.

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Risk Management Department

Risk Management and Compliance is primarily responsible for identifying, measuring, monitoring, controlling and reporting the risk profile of Wafra Real Estate Company under the guidance of the Board of Directors. Risk Management develops the necessary control systems and policies based on the perception of risks facing the Company, advises the Board of Directors on the Company's strategy, removes current and future risks and oversees the implementation of this strategy by the Company's departments.

The Department's objective is to assist the Executive Management to effectively execute its responsibilities with respect to the management of business and market risks, other investment risks, financial and operational risks, liquidity and reputation risks, as well as overseeing the Company's regulatory obligation.

The Financial Department

The Financial Department plays a key role in the company to optimize the company’s financial resources by organizing, planning, developing, controlling and managing financial risk in accordance with international standards. In addition, the department prepares interim and annual financial statements in accordance with international financial reporting standards, for the company and the managed portfolios, and prepares the budgets and compares them to actual results on a quarterly basis.

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The Information Technology Unit

The Information Technology Unit provides the vision, correct guidance, and leadership in providing all technical and telephone services to smart building tenants, it also sets strategies and policies related to information technology and provides technical support to all department of the company,

The IT unit planning, implementing and supervising of all company projects related to information technology applications, as well as management and operation of the systems, devices and network security.

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