Asas Makeen expects no financial impact from White Land Tax update

Logo of Asas Makeen Real Estate Development and Investment Co.

Asas Makeen Real Estate Development and Investment Co., newly listed on the Nomu-Parallel Market, stated that all its land holdings are classified as developed investment properties or properties under development.

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The White Land Tax Law and its executive regulations do not apply to any white lands in the company's real estate portfolio, according to a statement on Tadawul.

The company added that it has no regulatory or financial obligations resulting from the updates of the law, noting that any material developments will be disclosed in due course.

According to Argaam data, the Ministry of Municipalities and Housing announced last month the geographical zones in Riyadh subject to the White Land Tax. The annual fee is set at 10% of land value for the first tranche, 7.5% for the second, 5% for the third, and 2.5% for the fourth. Land in the fifth tranche, which lies outside priority zones, is not subject to any annual tax but is counted within the total idle plots owned by the taxpayer.

Asas Makeen was listed and began trading on Nomu on June 16, 2025, at SAR 80 apiece.