Banan says no impact from updated White Land Tax

Logo of Banan Real Estate Co. 

Banan Real Estate Co. said none of its land holdings fall under the scope of the updated White Land Tax Law.

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In a statement to Tadawul, Banan confirmed that it will not face any financial impact as the company will not incur any fees under the amended law.

Banan said its development activity will create opportunities to partner with landowners by turning white land fees into investments that support urban growth, boost housing supply, and advance national targets.

Last month, the Ministry of Municipal and Rural Affairs and Housing approved the executive regulations for White Land Tax law. The rules set the levy at up to 10% of land value, based on urban development priorities, according to data available with Argaam.