View launches partnership program with idle landowners in Riyadh

View says the new program allows owners of undeveloped land in Riyadh to take part in local development projects 

Nomu-listed View United Real Estate Development Co. launched the “Prosperous Riyadh” program, offering owners of undeveloped land in Riyadh the opportunity to participate in development projects that convert idle land into residential and commercial destinations.

The company said in a statement to Tadawul that the initiative aims to transform idle land fee obligations into viable investment opportunities, create flexible partnerships with landowners, and enhance asset value through transparency, governance and effective investment models.

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The program offers multiple partnership models tailored to landowners’ needs. Additionally, it builds on the memorandum of understanding signed in January with the Ministry of Municipalities and Housing to improve efficiency in the real estate development sector and strengthen cooperation under the real estate incentives framework, View added.

According to Argaam data, the ministry last month announced the geographic zones for white land fees in Riyadh. Annual fees are set as follows:

· Tier 1 (highest priority): 10% of the land value

· Tier 2 (high priority): 7.5%

· Tier 3 (medium priority): 5%

· Tier 4 (low priority): 2.5%

· Tier 5 (outside priority zones): No levy, but the land is included in the total white land holdings of the owner within the city limits.