Arabian Centres gets real estate qualification certificate from Wafi

Arabian Centres Co. headquarters

Arabian Centres Co. (ACC) received “Qualification Certificate of the Real Estate Developer” from the Off-plan Sales or Rent Program (Wafi) for passing the qualification criteria, with certificate No. 462 dated Nov. 17, the company said in a statement to Tadawul.

Wafi is one of the initiatives of the Ministry of Municipal and Rural Affairs and Housing.

Having won this certificated, ACC will be exempt from real estate tax supplies. It will be able to develop land, residential projects, and mixed-use land directly rather than through other residential developers. The company will be able to launch off-plan sales and rent real estate assets, which will grant a high financial flexibility to the company instead of securing bank facilities to execute such projects.

Commenting on receiving this certificate, Chief Executive Officer (CEO) Faisal Al-Jedaie said: “This certificate will add a new horizon to the company’s strategy, and we are currently evaluating and studying to develop lands, residential projects, and mixed-use lands on some of the company’s owned land plots that are not specified for commercial centres development, whether through the company directly or through collaborations with the Ministry of Municipal and Rural Affairs and Housing and the local, regional and international real estate development companies”.

It is worth mentioning that ACC currently owns surplus land plots that are not intended for commercial centres developments. The company is studying the feasibility of developing this kind of projects on these land plots, in order to monetize them.

Among these owned plots is Qassim land, which is adjacent to Qassim Walk project (under construction) that spreads a total area of 1.5 million square meters.