The Off-plan Sale and Leasing Committee approved the qualification of 5 local real estate developers and granted them a certificate authorizing them to work on real estate development projects launched by the Ministry of Housing or private sector projects implemented by the off-plan sale system, and the committee agreed to register them in the developers' register.<\/p>\n
The committee also issued 3 licenses to market off-plan properties in Dubai, United Arab Emirates, after completing the statutory requirements to obtain marketing licenses for these projects.<\/p>\n
In a statement, the committee explained that the licenses were issued in favor of DAMAC Properties Limited for the Icon City and Paramount Hotel and Residences projects, and in favor of Maather Arabia for Real Estate Development and Investment for the Jumeirah Gate project.<\/p>\n
The committee pointed out that obtaining an off-plan marketing license for foreign properties allows real estate development companies or their agents to market and display real estate projects and units in specialized exhibitions and other various advertising platforms, while the off-plan marketing license for foreign properties prohibits the developer or his broker from selling, signing contracts and receiving payments inside the Kingdom, but this is done in the country of origin of the projects concerned, in order to preserve the rights of buyers.<\/p>\n
The Wafi off-plan sales program grants licenses for the sale and rental of real estate units on the map of various types (residential, commercial, investment, office, service, industrial, tourism), the license to market external real estate on the map, the license to sell raw land on the map, the license to market internal real estate on the map, as well as the license to display off-plan real estate units in external exhibitions.<\/p>","protected":false},"excerpt":{"rendered":"
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