The “Wafi” Off-Plan Sales and Leasing Committee has been tasked with completing the development of “Al-Wajihah” residential project, located in the Al-Wajihah suburb of Dammam Province, to “Al-Wataniya Housing,” and revoked the off-plan sales license issued to the project developer, which provides 590 residential units.
The “Wafi” Committee clarified that the decision is an extension of the committee’s efforts to supervise and monitor off-plan sales projects licensed by “Wafi” throughout all stages of construction and development, and in compliance with Cabinet decisions regulating off-plan sales and leasing activities, which aim to protect the rights of all parties involved in the projects—including buyers, depositors, and financiers.
The committee noted that the cancellation decision was made to safeguard private property rights, and to provide a legal framework to protect the rights of beneficiaries in projects undertaken by the Ministry of Municipal, Rural Affairs, and Housing in partnership with the private sector following delays in the delivery of residential units to citizens according to the agreed-upon timelines, which contradicts the directives of His Excellency the Minister of Municipal, Rural Affairs, and Housing, as well as the leadership’s efforts to support the housing sector. It will also contribute to increasing transparency and reliability in the real estate market and strengthening the confidence of Saudi families and investors in off-plan projects, especially given the project’s distinctive features within the Al-Wajha suburb—developed by the National Housing Company—including complete infrastructure and available amenities in a strategic location at the western entrance to the city of Dammam, and near key areas in the Eastern Province.
It is worth noting that the Off-Plan Sales and Leasing Committee has so far licensed more than 200,000 residential units of various types, which has helped boost the supply of residential real estate and improve sector governance, with the goal of raising the homeownership rate to 70 percent by 2030, in line with the objectives of the Housing Program—one of the programs under the Kingdom’s Vision 2030.
