(MENAFN) Saudi Arabia's cabinet has passed new economical rules regarding tax and real estate sector in the kingdom.
The first rule will allow foreign investors to own up to 100 percent of retail and wholesale businesses, the official SPA news agency said.
The second one add 2.5 per cent annual tax on the value of undeveloped land designated for residential or commercial use exceeding 5,000 sq m.
This new rules will help resolving a shortage of affordable housing in the kingdom by putting more unused land on the market where it can be bought by developers.
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