Youssef Al Shalash, head of Dar Al Arkan, one of the largest real estate development companies in the Kingdom, ruled out that the decision to impose fees on white lands will cause a sharp drop in land prices in general, saying: «The market has already absorbed the impact of the decision months ago.»

Shalash said: He does not expect the company's business to be negatively affected by the government's decision to impose fees on "white land", which is undeveloped land, as the company's large stock of land is in various stages of development."

Al Shalash said.

Dar Al Arkan has a huge land inventory of 40 million square meters with a book value of 14.5 billion riyals at the end of 2014

The company's land is concentrated in major cities with 60% in Jeddah, 12% in Riyadh, 21% in Makkah, and the rest distributed between Madinah and the Eastern Province.

The decision to impose fees on white land sent real estate stocks on the Saudi Stock Exchange sharply lower on Tuesday as traders feared that oversupply would affect the activity of companies with large inventories of land

Real estate stocks on the Saudi Stock Exchange fell sharply on Tuesday as traders feared that oversupply would affect the activity of companies with large inventories of land.