Sumou Real Estate Company and Asas Makeen Real Estate Development and Investment Company have confirmed that their land holdings are not subject to the White Land Tax (WLT) law.

In a statement to the Saudi Stock Exchange on Wednesday, Sumou said the company will face no financial impact as it does not own any land, which is subject to the amended WLT law.

Asas Makeen Real Estate Development and Investment Company, which trades on the Nomu-Parallel Market, said in a disclosure that all lands owned by it are classified as either developed investment properties or properties under development.

The company’s real estate portfolio does not include any land, which is subject to the provisions of the WLT.

Dar Al Majdiah Real Estate Company, Retal Urban Development, and Alandalus Property had announced on Sunday that their real estate portfolios in Riyadh City are not subject to WLT regulations.

Earlier this month, Dar Al Arkan and Saudi Real Estate Co. (Al Akaria) disclosed the extent of their Riyadh land banks falling under the WLT regime in exchange filings.

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

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