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Saudi Govt. to invest in state-owned white land

The ministries of Economy and Planning. Municipal and Rural Affairs, Justice, and Finance were asked to conduct an inventory of all government lands and public property in use or “undeveloped”, for future investment purposes

State white land
State white land

The Saudi Ministry of Economy in the process of designing an automated computer program to create a database of all government properties accounted for.

According to Saudi daily Iqtisadiah, four ministries, Economy and Planning, Municipal and Rural Affairs, Justice, and Finance were asked to conduct an inventory of all government lands and public property in use or “undeveloped”, for future investment purposes under the umbrella of the Public Investment Fund.

The December 2016 “White Land” tax will take effect in January 2017 forcing private property owners who fail to develop their lands to either pay 2.5% of the value of their properties, or face the prospect of having it confiscated, developed and provided “returns” once the property is invested in.

The tax law is aimed at addressing the housing crisis in the country through large scale urban planning developments.

Whereas 1.5 million units is the current need in the Kingdom, reports indicate that only 500,000 units will see the light in 2016.

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Construction Week - Issue 748
Sep 01, 2019