Saudi Arabia's Wafi program, the housing ministry’s electronic platform, has licensed 229 real estate developers to sell or lease their off-plan projects, thus far.
The licenses were granted after the firms obtained all the due permits, the program said.
According to the housing ministry, eligible developers had to meet six main requirements, including having a commercial registration and a chamber’s certification, in addition to submitting the resumes of their organizational structure, the firm’s contractual scope, as well as their labor force.
Financial requirements included the companies’ financial statements and data, as well as their portfolios and expertise in the real estate development field, as well as their development methods.
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