The Off-Plan Sales and Leasing Committee has approved the qualification of five local real estate developers and issued them certificates authorizing them to work on real estate development projects offered by the Ministry of Housing or private sector projects implemented under the off-plan sales system, The Committee also approved their registration in the Developers Registry.

The committee also issued three licenses to market off-plan properties in Dubai, United Arab Emirates, after the developers fulfilled the regulatory requirements for obtaining marketing licenses for those projects.

In a statement, the Committee clarified that the licenses were issued to “Damac Properties LLC” for the “Icon City” and “Parmount Hotel and Residences,“ and to Maathar Al-Arabiya Real Estate Development and Investment Company for the ”Jumeirah Gate“ project.

The Committee noted that obtaining an off-plan marketing license for overseas real estate allows real estate development companies or their agents to market and showcase projects and real estate units at specialized exhibitions and other advertising platforms, while the off-plan marketing license for overseas properties prohibits the developer or its agent from selling, signing contracts, and receiving payments within the Kingdom; rather, this is done in the country of origin where the relevant projects are located, to protect the rights of buyers.

It is worth noting that the ”Wafi” off-plan sales program grants licenses for the sale and lease of various types of off-plan real estate units (residential, commercial, investment, office, service, and industrial – tourism), a license to market off-plan foreign real estate, a license to sell off-plan raw land, a license to market off-plan domestic real estate, as well as a license to display off-plan real estate units at international exhibitions.