His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al Haqeel, launched the “Wafi Triple Finance” service of the “Wafi” program, with the aim of facilitating the financing and enabling real estate projects on the map, by reducing the risks for the financing entities, increasing the efficiency of financing for developers and beneficiaries, and allocating the financing entity as an account holder and financier of the project and buyers.

His Excellency the Minister of Municipal, Rural and Housing Affairs, Mr. Majid bin Abdullah Al Haqeel, launched the “Wafi Triple Financing” service. “Wafi Triple Financing” comes as an extension of the program's efforts to enhance the supply of residential real estate in the market to raise the percentage of residential ownership to 70% by 2030, in accordance with the objectives of the Housing Program - one of the programs of the Kingdom's Vision 2030 -.

The Secretary General of the Off-Map Sale or Leasing Committee, Naif bin Nawaf Al-Sharif, explained that the new service aims to enhance investment in the real estate sector for off-plan sales projects by enabling financing for real estate developers, providing appropriate financial solutions to increase sales in projects, providing financing with competitive advantages for beneficiaries, organizing the contractual relationship for all parties involved in the project according to the schedule of payments and completion rates, and the governance of disbursement from the escrow account.

The new service aims to promote investment in the real estate sector for off-plan sales projects by enabling financing for real estate developers. Sharif added that the agreements signed within the “Wafi Triple Financing” are based on fully financing the project, which reduces the risk of incompleteness or default due to insufficient funds obtained from cash flows, and the agreements also allow facilitating the financing process and giving banks, banks and financing entities the incentives to support by mortgaging the project land to secure the financing instead of marginalizing the deed.

Wafi Triple Financing It is noteworthy that Wafi seeks to create support channels, financing solutions and a stimulating real estate environment for the real estate sector to contribute to increasing the capabilities and efficiency of real estate developers, raising the ownership rate and enhancing the quality of life in accordance with the objectives of the Kingdom's Vision 2030.

Wafi seeks to create support channels, financing solutions and a stimulating real estate environment for the real estate sector.