Banque Saudi Fransi signs a Cooperation Agreement with the Off-Plan Sales or Rent Committee “#Wafi”
23/Mar/2022
Banque Saudi Fransi signed a Cooperation Agreement with the Off-Plan Sales or Rent Committee “#Wafi” to facilitate the funding of developers and beneficiaries of off-plan sales projects (3*1 product).
This Agreement will enable the Bank to fund developers, as well as host project escrow accounts to manage disbursement activities and preserve the contractors’ rights, and fund project buyers, thus facilitating the implementation of funding operations by mortgaging the project land instead of annotate title deeds.
This Agreement will also contribute to supporting off-plan sales projects, thus achieving the strategic objective of increasing ownership percentage as per Kingdom of Saudi Arabia 2030 Vision.
