Arab News, Thursday, Sep 16, 2021 | Safar 9, 1443

MODON, Wafi sign agreement to boost real estate development in industrial sector

Saudi Authority for Industrial Cities and Technology Zones (MODON) signed a cooperation agreement with Off-plan Sales or Rent Program (Wafi), under the Ministry of Municipal, Rural Affairs & Housing, Saudi Press Agency (SPA) reported.

The agreement aims to boost cooperation between the two parties in the field of real estate development for the industrial sector.

This includes motivating developers to invest in cities and private industrial complexes licensed and supervised by MODON. In addition, the agreement comprises providing additional products to industrial investors, governance of off-plan development, sale or renting processes to support developers, and licensing sales or renting of off-plan units.

The agreement covers projects being established in accordance with off-plan development system, activating the advantages of land development through updated tracks, such as residential land division schemes (Track III) for industrial real estate projects, as well as joint coordination to facilitate off-plan licensing and completion procedures between the two parties.

Under the agreement, electronic connectivity, licensing procedures and completion of off-plan projects will be facilitated. The necessary licenses will also be issued to real estate institutions or companies to engage in off-plan sales activity.

MODON’s Chief Executive Officer Khalid Al-Salem said that the agreement is a qualitative leap in boosting the private sector’s role in industrial development. It is in line with MODON’s strategy to empower the industrial sector and contribute to increasing local content, in accordance with Vision 2030.