Saudi Arabia applies state guarantees to the sale of unbuilt housing units, Chief Director for Supply Chain at Saudi Arabia’s Ministry of Municipalities and Housing, Ali Al-Ahmad, said during the session titled “A New Deal for Housing Finance” held within the framework of WUF13, APA-Economics reports.
He stated that the “WAFI” program implemented in Saudi Arabia has created a state guarantee and oversight mechanism for the sale of unbuilt apartments.
Ali Al-Ahmad noted that within the framework of the program, citizens purchase apartments in advance and receive them approximately 36 months later.
According to him, the government supervises all financial flows and the construction process related to the project, ensuring that citizens’ payments are transferred to construction companies in a safe and transparent manner.
The Saudi official emphasized that the program has significantly increased private sector confidence: “This program has increased private sector participation in housing finance alongside the state by 200%.”
Ali Al-Ahmad added that after the implementation of the program, 13 banks operating in Saudi Arabia created separate divisions for financing unbuilt housing units.
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