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.

Powered by Froala Editor

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.

Powered by Froala Editor

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.

Powered by Froala Editor

Projects Management Department

Powered by Froala Editor

Engineering Consultancy Department

The Engineering Consultancy Department plays a pivotal role in managing the design phase for WRE’s developments which spans from masterplan design to buildings. The department organizes RFPs for design competitions inviting prestigious international and local offices to provide exemplary design ideas for new developments in line with the feasibility study and the client’s objective.  Through the department’s team of specialized engineers and architects Wafra has built a highly reputation in delivering high quality and iconic projects in line with the client’s vision.  

The scope of work of the department includes:

• Commissioning Design Competitions and managing contracts. 
• Managing project workflow.
• Managing the project schedule to ensure timely completion.
• Providing budget estimates and managing project costs.
• Managing project Quality control.
• Providing regular reports to stakeholders on project status updates.
• Managing project stakeholders, including individuals and institutions that may impact or be affected by the project.

Powered by Froala Editor

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.

Powered by Froala Editor

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.

Powered by Froala Editor

Legal Affairs 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.

Powered by Froala Editor

Marketing and Public Relations Department

The Marketing and 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 Marketing and 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.

Powered by Froala Editor

Maintenance & Building Services Department

The Maintenance & Building Services 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.

Powered by Froala Editor

Renovation Department

The Renovation Department offers complete restoration and rehabilitation works for the properties managed by Wafra Real Estate Company.

The properties are renovated efficiently with the highest quality of implementation within the limits of approved budgets and management policies and procedures to achieve the highest return. The department’s goals are achieved through the following steps.

The department studies the property handed over by the Real Estate Department (Commercial & Investment). The department and provides a report that showcases all the restorative aspects of the property, bearing in mind the Laws and Regulations of Kuwait’s Municipality.

Depending on the size and nature of the project, the department then qualifies local architectural engineering offices, prepares Terms of Reference, and invites them to a design competition. The best offer financially and technically is chosen, and the contractual aspect of the project begins. 

Contractors are nominated from the list of approved contractors to carry out the civil and electromechanical works of the project. The department prepares tender documents and contracts with the winning contractor. The department follows up on construction work to ensure that the works are being executed to the highest standards as well as avoid change orders.

After the completion of the project, the property is handed over to the Real Estate Department (Commercial & Investment).

The department also provides a routinely report on the various properties to maintain the buildings’ standards. 

Powered by Froala Editor

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.

Powered by Froala Editor

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.

Powered by Froala Editor

Internal Audit Department

The internal audit department is one of the independent departments of the company where its subordination is to the audit committee emanating from the Board of Directors.

The mission of the department is to provide independent objective assurances and consultation services with the aim of adding value to the company and improving its operations to promote and protect the value of the company by providing assurance, advice and objective insight.

This activity helps to achieve the company’s objective by adopting a systematic approach to evaluate and improve the effectiveness of governance, risk management and control processes.

It also provides advisory services in the form of providing opinion and advice on certain topics at the request of departments.

Powered by Froala Editor

Procurement Department

The procurement department implements and manages all of the company's purchasing operations. It is also keen to provide all of the company's needs and monitor them by focusing its efforts to complete purchasing operations at the most appropriate price, ideal quality, and best source of supply. It seeks to achieve the company's goals and perform its functions to the fullest extent.

Powered by Froala Editor

Information Technology Department

The Information Technology Management 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 Department is responsible for planning, implementing, and supervising all company projects related to information technology applications. This involves overseeing the entire lifecycle of IT projects, from conception to completion.

The IT Management is involved in the day-to-day management and operation of the company's information technology systems, devices, and network security. This includes ensuring the reliability, security, and efficiency of IT infrastructure.

Powered by Froala Editor

Customer Service Department

The customer services department is primarily responsible for responding to customers’ inquiries and complaints. It acts as a central communication platform to ensure providing an efficient bridge between the company and its customers. In addition, the department focuses on enhancing customer experience through second contacts via outbound calls. The main aim of the department is to maintain communication methods to ensure an effective relationship between the company and its existing and potential customers.

Powered by Froala Editor