RIYADH: Saudi Arabia’s Wafi program has signed a memorandum of understanding with the Tourism Development Fund to support real estate developers planning projects in the Kingdom’s tourism sector, the Saudi Press Agency reported on Sunday.
The Saudi government had launched the Wafi program to regulate off-plan property sales. The deal falls in line with the Kingdom’s strategy to boost the real estate and tourism sectors.
Under the deal, the tourism fund will evaluate real estate projects and ensure their suitability in line with its strategy.
The fund will then assess the financing requirements and categorize the projects according to its regulations.
The Wafi program will provide the fund with a list of real estate developers wishing to obtain project financing and follow up on projects by ensuring full engineering supervision and follow-up of financial flows in the escrow account.
The agreement was signed on the sidelines of the first day of the Cityscape Global exhibition, which the Kingdom is hosting in Riyadh.
