Saudi Real Estate Company (Al Akaria) has released its land bank in Riyadh that falls under the provisions of the latest White Land tax regulations .

The company has a land bank of 10.48 million square metres (sqm) in Riyadh, with 487,840 sqm, representing 4.65 pertcent of the total, falling within the White Land tax regulations.

The total land subject to tier 1 (highest priority at 10 percent) stands at 141,560 sqm, which includes several projects under development, and 346,280 sqm falls in tier 4 (lowest priority at 2.5 percent).

The land areas will be processed in line with the applicable regulations to determine the actual impact, the statement said.

Read more: Saudi-listed First Avenue launches new initiative to develop idle land in Riyadh

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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