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FINANCIAL NEWS
Saudi launches new economical rules
14 Jun 2016
(MENAFN) Saudi Arabia’s cabinet has passed new economical rules regarding tax and real estate sector in the kingdom.
The first rule will allow foreign investors to own up to 100 percent of retail and wholesale businesses, the official SPA news agency said.
The second one add 2.5 per cent annual tax on the value of undeveloped land designated for residential or commercial use exceeding 5,000 sq m.
This new rules will help resolving a shortage of affordable housing in the kingdom by putting more unused land on the market where it can be bought by developers.
More News
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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