Taiba Investment Company announced that the total areas it owns in Riyadh that are subject to the application of White Land Fee System have reached 60,017 square meters.

Taiba Investment Company said in a statement published on the Saudi Tadawul platform that these lands are currently subject to the first tranche fees according to the system. The company explained in a statement published on the Saudi Tadawul platform that these lands are currently subject to the first tranche fees according to the system, with a fee rate of 10%.

The company explained in a statement published on the Saudi Tadawul platform.

White Land Fees

Saudi Arabia's Ministry of Municipalities and Housing had earlier issued the updated executive regulations of the White Land Fees System, which includes defining the geographical ranges to which these fees are applied in the city of Riyadh. The measures were part of the Saudi government's efforts to regulate the land market and incentivize the development of unused land, as part of Kingdom Vision 2030 which aims to improve land use efficiency and boost real estate activity in the Kingdom.

Taiba Investment Company reported that the lands it owns in some neighborhoods in Riyadh have recently been lifted, which contributes to their inclusion in the lands subject to this system, and the company added that it will comply with the applicable regulations and regulations to process these lands and determine the actual impact of the fees imposed on them.

The Saudi government seeks to improve the efficiency of land use and enhance real estate activity in the Kingdom. The Saudi government seeks through this system to encourage land owners to develop or sell their land, which contributes to enhancing the real estate supply in the Kingdom and helps balance the land market.

With this system, the Saudi government seeks to encourage land owners to develop or sell their land, which contributes to enhancing the real estate supply in the Kingdom and helps balance the land market.