{"id":16504,"date":"2016-06-14T15:24:13","date_gmt":"2016-06-14T08:24:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-cabinet-approves-land-tax-foreign-investment-rules\/"},"modified":"2016-06-14T19:28:52","modified_gmt":"2016-06-14T12:28:52","slug":"saudi-cabinet-approves-land-tax-foreign-investment-rules","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-cabinet-approves-land-tax-foreign-investment-rules\/","title":{"rendered":"Saudi cabinet approves land tax, foreign investment rules"},"content":{"rendered":"


\nSaudi Arabia’s cabinet approved a tax on undeveloped urban land and rules allowing foreign investors to own 100 per cent of retail and wholesale businesses, the official SPA news agency said on Monday.The 2.5 per cent annual tax on the value of undeveloped land designated for residential or commercial use will be applied in stages to owners of plots exceeding 5,000 square metres, SPA quoted a cabinet statement as saying.The measure aims to help resolve a shortage of affordable housing in Saudi Arabia by putting more unused land on the market where it can be acquired by developers.The cabinet also approved rules, originally announced last September, permitting full foreign ownership of retail and wholesale operations. Previously, the country’s ownership ceiling was set at 75 per cent.Saudi Arabia is keen to attract more foreign investment to help its economy cope with low oil prices, which have slashed state revenues.Possible US investments in Saudi Arabia are expected to be discussed during a visit to the United States this week by Saudi Arabia’s deputy crown prince Mohammed bin Salman and senior Saudi economic officials.business@thenational.aeRead the full text of the National Transformation Plan here.Follow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Saudi cabinet approves land tax, foreign investment rules<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia’s cabinet approved a tax on undeveloped urban land and rules allowing foreign investors...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-16504","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-4ic","jetpack-related-posts":[{"id":16518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabian-cabinet-approves-land-tax-foreign-investment-rules\/","url_meta":{"origin":16504,"position":0},"title":"Saudi Arabian cabinet approves land tax, foreign investment rules","date":"June 14, 2016","format":false,"excerpt":"\r The Saudi Arabian cabinet has approved the fine print of a controversial new tax on undeveloped land aimed at making it more expensive for owners of urban land to keep it empty.Under the new \"White Land\" tax that was approved on Tuesday, owners of empty plots of urban land\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-arabia-to-issue-real-estate-development-fund-sukuk\/","url_meta":{"origin":16504,"position":1},"title":"Saudi Arabia to issue real estate development fund sukuk","date":"June 9, 2016","format":false,"excerpt":"\r Saudi Arabia plans to issue an Islamic bond, or sukuk, for its Real Estate Development Fund by the end of the 2017-18 financial year, the housing minister said.\"The sukuk programme is specialised for the real estate development fund,\" Majed Al Hogail said.The fund is the largest financier for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38655,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudi-housing-ministry-plans-centre-to-resolve-housing-disputes\/","url_meta":{"origin":16504,"position":2},"title":"Saudi housing ministry plans centre to resolve housing disputes","date":"December 21, 2016","format":false,"excerpt":"\r Saudi Arabia plans to set up a centre to resolve disputes between tenants and landlords.It comes as the kingdom steps up plans to regulate its housing sector as part of wide-reaching plans to reform the country's property market.According to the English language daily Saudi Gazette, the Saudi housing ministry\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15898,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/kingdoms-transformation-plan-aims-to-lift-property-ownership-among-saudis\/","url_meta":{"origin":16504,"position":3},"title":"Kingdom's transformation plan aims to lift property ownership among Saudis","date":"June 8, 2016","format":false,"excerpt":"\r The Saudi Arabian government is proposing a raft of measures aimed at boosting the country's undersupplied housing market as part of its National Transformation Plan.This week Saudi Arabian officials started to flesh out the plan aimed at reducing the country's reliance on oil revenue following the 2014 oil price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57098,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sizeable-saudi-arabian-market-a-big-draw-for-newly-appointed-dar-al-arkan-chief-executive\/","url_meta":{"origin":16504,"position":4},"title":"Sizeable Saudi Arabian market a big draw for newly appointed Dar Al Arkan chief executive","date":"June 6, 2017","format":false,"excerpt":"\r The size of the Saudi Arabian market and the desire for bricks and mortar investments were the two things that drove former Damac MD Ziad El Chaar towards his new role leading Dar Al Arkan, he said.\"You are in a very big market, where everybody is vastly interested to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29265,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uncertainty-hovers-over-saudi-arabia-residential-property-market\/","url_meta":{"origin":16504,"position":5},"title":"Uncertainty hovers over Saudi Arabia residential property market","date":"October 9, 2016","format":false,"excerpt":"\r House prices in Saudi Arabia will stutter over the coming year as investors and lenders wait out the effects of economic uncertainty and new government reforms on the kingdom's residential property market.Analysts at the Jeddah asset management and investment firm Alkhabeer Capital said that in the near term rental\u2026","rel":"","context":"In "Property 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