Logo of Off-Plan Sales or Rent on Wafi program
Saudi Arabia’s Wafi program, the online platform launched by the Ministry of Housing, issued a license allowing real estate developers to undertake mega projects through qualified sub-developers, Saudi Press Agency (SPA) reported.
The new license will boost governance of the projects under construction, transparency, sustainability, in addition to enhancing growth, stated a top official at the program.
This will be done through concluding partnerships between real estate developers and the project financiers to boost the supply of real estate units and encourage small and medium enterprises (SMEs) to participate in the development of mega projects as sub developers, which provide job opportunities.
The new license will also enable the real estate developers undertaking projects to award several contracts to sub-developers, whether the former will participate in the project development or just supervise the construction works. This will help eliminate potential risks and accelerate the completion rate.
The new license will encourage private sector partnerships, land monetization and investment in real estate funds.
The Wafi online platform was set up by the Saudi government for granting off-plan sales and leasing, organizing relations between real estate developers and specialists in the sector, registering title deeds, filing complaints, and follow-up services.
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