{"id":98456,"date":"2026-01-06T11:47:44","date_gmt":"2026-01-06T08:47:44","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=98456"},"modified":"2026-01-06T12:37:56","modified_gmt":"2026-01-06T09:37:56","slug":"%d9%81%d8%a7%d8%aa%d9%88%d8%b1%d8%a9-%d9%8a%d9%86%d8%a7%d9%8a%d8%b1-%d8%aa%d8%b1%d8%a8%d9%83-%d8%ad%d8%b3%d8%a7%d8%a8%d8%a7%d8%aa-%d8%a7%d9%84%d9%83%d8%a8%d8%a7%d8%b1-%d9%87%d9%84-%d8%aa","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/98456\/","title":{"rendered":"\u00abJanuary bill\u00bb Confusing the calculations of the big boys: Will \u00abwhite taxes\u00bb end land monopolies in 2026?"},"content":{"rendered":"

Riyadh - Amlak Newspaper: At the beginning of the new year 2026, the real estate sector witnessed a hot wave that raised the temperature of interaction and expectations. More than 60,000 white land fee invoices issued<\/strong><\/a> As an entitlement to the third phase of the system's implementation, listed real estate companies are under the microscope of financial commitment, or development.<\/p>\n\n\n\n

The days of free land retention are over<\/strong><\/h2>\n\n\n\n

The wave of \u00abwhite bills\u00bb coincided with the recent disclosures on the Saudi Stock Exchange (Tadawul), which were not just passing figures, but a precise analytical indicator of a radical shift in real estate asset management strategies, where \u00abholding land\u00bb is no longer free, but rather costly and capital-intensive.<\/p>\n\n\n\n

\u00abA model for development<\/strong>\u00bb.and the shock of 21 million.<\/strong><\/h2>\n\n\n\n

In one of the most candid disclosures, Inmar Real Estate Development and Investment Company revealed that it had received fee invoices worth more than 21.2 million riyals. This figure, which some may see as a mere budget line item, represents in the language of finance a \u00abdirect pressure\u00bb on cash flow.<\/p>\n\n\n\n

Although the company's management has been quick to reassure investors that it maintains the right to \u00abobject\u00bb based on the existence of projects under development, analysts believe that the mere issuance of the bill puts the stock under psychological and financial pressure until the final decision is made.<\/p>\n\n\n\n

Riyadh for Reconstruction. Transparency reveals the magnitude of the challenge<\/h2>\n\n\n\n

For its part, Riyadh Development provided a model of transparency by disclosing the size of its portfolio subject to the fees, noting that more than 850,000 square meters are subject to the system, distributed among different urban zones.<\/p>\n\n\n\n

What is notable in Riyadh Development's announcement is the reference to lands in the \u00abhighest segment\u00bb (10%), which reflects the ministry's seriousness in targeting lands located in the center of completed urban blocks, to push owners towards forced development or sale to pump up the supply.<\/p>\n\n\n\n

Dar al-Arkan. At a crossroads<\/h2>\n\n\n\n

All eyes are on Dar Al Arkan, which has one of the largest real estate inventories in the Kingdom. With the implementation of the new slabs and the expansion of ranges in Riyadh and Jeddah, financial experts believe the company may be at a crossroads: Either accelerate the pace of converting raw land into products (which it is already doing), or bear the costs of fees that could eat into margins if they are not exempted.<\/p>\n\n\n\n

Three possibilities in financial statements<\/strong><\/h2>\n\n\n\n

A financial analysis of the reality of the companies after these announcements points to three expected outcomes in 2026:<\/p>\n\n\n\n

\u200bPressure on liquidity:<\/strong> Companies that don't have enough cash may have to monetize part of their land at below-market prices to pay bills.<\/p>\n\n\n\n

\u200bDecrease in net profit<\/strong>: If the objections fail, these fees will be recorded as an \u00abexpense\u00bb deducted directly from earnings, which may affect shareholder distributions.<\/p>\n\n\n\n

Mobilize development:<\/strong> This is the ultimate goal of the program, as we are expected to witness successive announcements of partnerships to develop white land to escape the \u00abfee entitlement\u00bb.<\/p>\n\n\n\n

Bottom line:<\/h2>\n\n\n\n

White land fees are no longer a theoretical system, but an accounting reality on the books of companies. The coming days will be decisive in determining who succeeds in \u00abdeveloping\u00bb their assets to survive, and who will have to \u00abpay\u00bb out of their profits.<\/p>\n\n\n\n

<\/p>","protected":false},"excerpt":{"rendered":"

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