RIYADH: Saudi Arabia is planning to relax its property ownership laws for foreigners as the Kingdom eyes attracting investments into the real estate sector as part of its strategy to diversify its economy. The new law that will allow foreigners to buy all kinds of real estate properties is “in its final stages and will be made public in a short period,” revealed the Kingdom’s
Thursday, 15 April, 2021 - 11:45
The new amendments to the executive regulations of the White Land Tax (WLT) program stipulate three implementation phases, Asharq Al-Awsat Riyadh - Bandar al-Mosalam
Saudi Arabia’s Council of Ministers approved on Tuesday a set of amendments to the executive regulations of the White Land Tax (WLT) program, in a move that will boost the Kingdom’s development march and supply of real estate.
According to the Ministry of Municipal and Rural Affairs and Housing, the WLT program is being implemented in its first phase in Riyadh, Jeddah, Dammam and Makkah.
The total payment orders in the four cities reached about 5,500 for a total area exceeding 411 million square meters.
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