View expects positive impact from Prosperous Riyadh program

View launched the "Prosperous Riyadh" program on Sept. 25, offering owners of undeveloped land in Riyadh the opportunity to participate in development projects that convert idle land into residential and commercial destinations, according to Argaam data.

In August, the Ministry of Municipalities and Housing announced the geographic zones for idle land fees in Riyadh. Annual fees were set at 10% of land value for Tier 1 (highest priority), 7.5% for Tier 2 (high priority), 5% for Tier 3 (medium priority), and 2.5% for Tier 4 (low priority). Tier 5, which covers areas outside priority zones, is exempt from levies, but the land is included in the owner’s total idle land holdings within the city limits.