Dar Al Arkan holds 2.83M sqm of taxable idle land

Dar Al Arkan says 2.65 million sqm of these land areas are located in north Riyadh, subject to a 5% levy

Dar Al Arkan Real Estate Development Co. disclosed that 2.83 million square meters (sqm) of its land portfolio falls under the scope of the newly-introduced idle land fee system, based on a preliminary assessment of properties within the designated geographical zones.

In a Tadawul statement today, Sept. 18, the Saudi-listed developer said about 2.65 million sqm of these land areas are located in north Riyadh, subject to a 5% levy. Another 181,000-sqm plots are classified under a 10% levy.

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Dar Al Arkan added that, aside from the north Riyadh plots, its remaining land portfolio will remain unchanged in terms of eligibility and application, consistent with prior years.

The Saudi developer is keen to complete development works on these lands at the earliest convenience. It will also conduct a detailed analysis of its portfolio to assess eligibility and determine any financial impact, in line with relevant laws and regulations.

Any material updates will be disclosed in due course, it confirmed.