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Three Saudi-listed developers – Dar Al Majdiah Real Estate Company, Retal Urban Development, and Alandalus Property – said on Sunday that their real estate portfolios in Riyadh City are not subject to the Kingdom’s newly amended White Land Tax (WLT) regulations.
Al Majdiah said its wholly owned assets, which comprises operating/income-generating projects as well as projects under execution, do not qualify as ‘white land’ under the updated rules issued by the Ministry of Municipalities and Housing on 22 August.
All projects undertaken with the state-owned National Housing Company (NHC) are exempt, it added.
The company said it does not expect a material impact on its financial position or operations from implementing the regulations. It has requested a refund of 1.7 million ($450,000) in fees previously paid for a completed project with an occupancy certificate and is contesting invoices worth SAR 3.3 million related to projects that have been completed and have obtained Certificates of Occupancy.
Separately, Retal Urban Development and Alandalus Property said there is no impact, material or financial, from the amended While Land Tax. Alandalus confirmed it does not own any plots in Riyadh subject to the levy.
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.
The Ministry of Municipalities and Housing issued updated Executive Regulations of the White Land Fees on 22 August 2025, and the geographic zones for the White Land Fees in the city of Riyadh on 27August 2025.
(Writing by SA Kader; Editing by Anoop Menon)
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