DAMAC Properties, one of the largest private developers in the Middle East, is amongst the first to be granted an official licence to develop and sell properties off-plan in Saudi Arabia under the kingdom’s new real estate law.

Ziad El Chaar, managing director of Damac Properties, said: “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 these measures as they aim to provide greater confidence and bring further transparency to the sector.”

The Saudi Ministry of Commerce and Industry has introduced new world-class 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 present in the Saudi Arabia for five years, and is currently constructing Al Jawharah, a luxury residential tower on the Jeddah corniche.