The Off-Plan Sales and Leasing Committee “Wafi” announced that it has signed an agreement with the Saudi Tadawul Group “Tadawul,” to grant real estate companies listed on the Saudi Stock Exchange the privilege of direct exemption from the “Wafi”-approved real estate developer qualification program.
The agreement was signed on behalf of “Wafi” by the Committee Chairman, Engineer Abdulaziz Mohammed Al-Muheimeed, and on behalf of the Saudi “Tadawul” Group by the Group’s CEO, Mohammed Suleiman Al-Rumaih.
The program explained that the agreement aims to encourage real estate development companies listed on the Saudi Stock Exchange to expand their investment activities and to urge unlisted real estate development companies to work toward listing on the stock exchange, It also aims to incentivize companies to obtain an off-plan sales license approved by the “Wafi” program and to benefit from the tax refund feature for real estate supplies.
The agreement included granting direct access privileges to real estate development companies listed on the stock market, It also included the organization of joint workshops between the two parties for real estate companies listed on the financial market, in addition to attracting and incentivizing unlisted companies, and inviting them to learn about the benefits offered by the “Wafi” program’s Certified Qualified Real Estate Developer License.
For his part, Engineer Al-Mahimid explained that the agreement aims to incentivize and encourage real estate development companies listed on the capital market to quickly take advantage of the benefits of the Qualified Real Estate Developer License, and expand investments in the real estate sector, noting that this agreement helps incentivize real estate development companies not listed on the financial market to offer and list their shares, to improve the performance of the real estate sector through effective partnerships, thereby increasing its contribution to GDP and overcoming obstacles that may prevent real estate companies from listing on the Saudi stock market, which strengthens the governance of the real estate sector in line with the Kingdom’s Vision 2030.
It is worth noting that the “Wafi” program for off-plan sales or leasing grants licenses for the sale and lease of various types of off-plan real estate units, a license for marketing off-plan real estate abroad, a license to sell raw land off-plan, a license to market interior real estate off-plan, as well as a license to display real estate units off-plan at external exhibitions. It also recently approved licensing rules for small and medium-sized projects.