Wafi, Tourism Development Fund to sign MOU to support real estate developer project in tourism sector

The Sales or Lease Committee signed a memorandum of understanding (MOU) with the Tourism Development Fund on "Wafi" platform today, aiming to enhance mutual cooperation and benefit from the services provided by both parties to achieve the objectives of the comprehensive real estate sector strategy and the national tourism strategy. This is done through supporting real estate developers in the tourism sector.

The MOU was signed on the sidelines of the first day of the "Cityscape" Global Exhibition hosted by the Kingdom of Saudi Arabia in Riyadh from September 10th to 13th, 2023. The MOU was signed by His Excellency the Minister of Tourism and Chairman of the Board of Directors of the Tourism Development Fund, Mr. Ahmed bin Akil Al-Khatib, on behalf of the Fund, while His Excellency the Minister of Municipal Rural Affairs and Housing, Mr. Majed bin Abdullah Al-Hogail, signed on behalf of "Wafi."

Under the agreement, the Tourism Development Fund will determine a number of real estate projects for sale on the platform, which fall within the scope of the tourism sector, to evaluate them and ensure their suitability for the purposes and objectives of the Fund's strategy. In addition, the Fund will prepare the financing requirements and determine the type of funding for each project, followed by signing the contracts and depositing the financing amounts into dedicated accounts for the projects.

On the other hand, "Wafi" provides the Tourism Development Fund with a list of real estate developers interested in project financing, and it supervises the projects through full engineering supervision and monitoring of financial flows in the guarantee account. The committee is also responsible for supervising the progress of the projects at various stages.

This agreement is part of a series of agreements witnessed on the first day of the Cityscape Global Exhibition, aimed at enhancing partnerships between various government and private entities to contribute to the development of the real estate sector in the Kingdom.

It is worth mentioning that the Cityscape Global Exhibition is the largest real estate exhibition in the world, hosted by Riyadh under the auspices of the Ministry of Municipal and Rural Affairs and Housing, under the slogan "Building the Home of the Future." The Exhibition showcases the most prominent and latest real estate projects and modern technologies, provides an opportunity for individuals to search for properties and housing units, discusses the future of the global and local real estate sector, and supports the culture of innovation and creativity in design and architecture.