RIYADH: Damac Properties, a leading private developer in the region, is among the first to be granted an official license to develop and sell properties under Saudi Arabia's new real estate law. The Saudi Arabian Ministry of Commerce and Industry has introduced new laws to advance the off-plan real estate market, by making it more transparent and accessible, as well as offering additional protection and services to investors and customers. The new regulatory frameworks, including escrow accounts and a real estate register, have been initiated to ensure that further growth of the real estate market is sustainable and viable. “Damac Properties has been certified under the new register of qualified real estate developers and has established escrow accounts for its off-plan sales. We welcome and praise these measures as they aim to provide greater confidence to investors and bring further transparency to the sector,” said Ziad El Chaar, managing director of Damac Properties. Damac is currently constructing Al Jawharah luxury residential tower on the Jeddah Corniche.
