Dar Al Arkan: Lands subject to fees in final stages of obtaining permits

Yousef Al-Shelash, Chairman of Dar Al Arkan Real Estate Development Co., said he does not expect any significant impact from the idle land fees on the company.

He explained that the lands in North Riyadh cover an area of 2.65 million square meters (sqm), and the project is in its final stages. Once sales permits are obtained in the coming period, these lands will be exempt from the fees.

In an interview with CNBC Arabia, Al-Shelash added that there is another plot in North Riyadh subject to the fees, covering 180,000 sqm, which is also in the final stages of obtaining construction permits.

He noted that Dar Al Arkan is a real estate developer, and therefore does not retain land for long periods, especially in major cities like Riyadh and Jeddah. Accordingly, the company does not expect a significant impact from such fees, though it remains cautious and prepared for any developments related to the fees, such as permit delays or similar issues.