WAHED Announces Strategic Partnership With The Creator’s GroupNovember 25, 2022
WAHED is delighted to announce a brand new partnership with Creator’s Group. Bringing years of experience in the real estate and property management sector, the Creators Group can look forward to enjoying a number of advantages that the blockchain can add to this industry.
Established by CEO Eng. Ali Al Salman in Riyadh, Saudi Arabia in 2016, Creators Group has established itself as a leader both in local markets and overseas. Serving the best interests of investors, homeowners, corporate clients, developers and landlords, the Creator’s group streamlines investment activities for all those looking to get involved in real estate.
Creator’s Group offers the following services to clients in Saudi Arabia and abroad
- Buy and selling of land and property
- Commercial and residential leases and rentals
- Feasibility studies
- Project development
- Property brokerage
- Investment guidance and opportunities
- Real estate valuation
WAHED is a next-generation investment and philanthropy platform powered by WAHED Coin. Based in the United Kingdom and headed by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, WAHED has a vision of improving the world by nurturing business activities. Serving as a blockchain and investment partner, WAHED aims to bring all the advantages of the decentralized economy to businesses seeking to deliver value at a greater scale, and with improved efficiency.
How The Partnership Will Bring Value
The WAHED Ecosystem is built on the Binance Smart Chain, an innovative blockchain that enables the deployment of smart-contracts. With the ability to program actions on a publicly-viewable and permanent blockchain, it will be possible to implement greater transparency and accountability across the entirety of activities.
Transparency and Efficiency in Operations
The proximity of the real estate world with existing legal and government frameworks make drafting contracts and obligations a critical and cost-intensive process. Blockchains and smart contracts can significantly reduce costs by utilizing templates that can be adapted to the end user’s requirements. Thanks to this innovation, the entire scope of operations stands to benefit from increased efficiency and lower recurring costs.
Transparency in Transactions
By using the blockchain’s permanent ledger, all parties involved in a transaction will be aware of the requirements, costs and procedures to ensure that the deal is concluded efficiently. Using smart contracts to factor in costs such as travel time, office supplies, legal counsel and auction bidding can make requirements clear to every party involved, making significant savings in time and money.
Transparency in Obligations
When a property moves from one owner to another, they may be conditions that affect the terms of sale. These obligations may include alterations to abide with legal requirements such as material quality and fire safety, or aspects relating to design and/or function. The immutable recording of these requirements on a smart contract that executes when the terms are met will be a significant time saver.
Transparency for Brokerage
Agent and broker commissions can be between 1%-6% of the cost of the transaction. While there may be significant costs leading to fees being this high, the lack of transparency can affect buyer trust. Blockchains enable trustless transactions, and the ability to reduce the number of middlemen. End users can enjoy quicker turnaround time and lower fees.
Permanent Records of Ownership and Property Rights
Blockchains are ideal to show ownership of property. These tamper-proof and permanent records can be updated when assets change hands, and further details such as stipulating the commercial and usage rights for a specified plot can also be added. Due diligence and the registering of ownership with the Federal Registration Service and notary payments will all happen on the blockchain, and fees will be included as part of the services package.
The partnership between Creators Group and WAHED stands to provide a range of benefits that will undoubtedly elevate the experience and cost savings of the end users. By utilizing blockchain as a tool to promote efficiency and transparency, WAHED aims to raise the bar on how businesses can be conducted, and how lives can be improved.
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