DUBAI: Saudi Arabia's cabinet imposed a 2.5 percent fee on undeveloped land within city limits intended for residential or commercial use, it announced in a statement on state media on Monday.
The fee will be imposed as a percentage of the land's value, reflecting the recommendation of the kingdom's advisory Shura Council on November 17.
The government has been considering for years whether to use taxes to push owners into developing or selling unused land to help stem a housing crisis.
Reuters
