The Off-Plan Sales and Leasing Committee “Wafi” seven licenses for the sale and marketing of real estate within the Kingdom. The committee reviewed a number of license applications for the sale and marketing of several real estate projects and approved the issuance of off-plan sales licenses for the residential projects in Dammam and Riyadh Housing, “Tallal Unaizah,” “Wahat Tabuk,” and ”Makarim Arar”—which are being developed in partnership with the Ministry of Housing—as well as “The One Hotel” for a period of 9 months, and the “Private Bay Damac” project in Dubai.

Mohammed bin Saud Al-Ghazwani, Secretary-General of the “Wafi” program, explained that they are seeking to increase the volume of off-plan sales and leasing projects in the Kingdom, and to make it easier for developers to obtain the necessary permits in accordance with the regulations and rules set by the Ministry of Housing.

Al-Ghazwani added that obtaining an off-plan marketing license for overseas real estate authorizes real estate development companies or their agents to advertise and showcase real estate projects and units at specialized exhibitions and other advertising platforms.

Al-Ghazwani emphasized the need for citizens and residents wishing to purchase to ensure that the advertised companies have obtained the license authorizing them to market and advertise, He noted that the off-plan marketing license for overseas real estate prohibits developers or brokers from selling, signing contracts, or receiving payments from buyers within the Kingdom; rather, these transactions must take place in the country of origin where the relevant projects are based, in order to protect buyers" rights.