Sources have revealed that the Ministry of Housing is nearing completion of the procedures to implement the decision to privatize the “Wafi” off-plan sales and leasing program.

The off-plan sales program authorizes the sale of off-plan real estate units regardless of their intended use, the sale of off-plan land, the marketing of off-plan real estate both inside and outside the Kingdom, and the display of off-plan real estate units at exhibitions.

The Ministry of Housing had previously signed an agreement with the Ministry of Commerce and Industry to transfer oversight of off-plan sales activities and the committee formed for that purpose from the Ministry of Commerce to the Ministry of Housing.