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DUBAI / Reuters
Saudi Arabia’s cabinet approved a tax on undeveloped urban land and rules allowing foreign investors to own 100 percent of retail and wholesale businesses, the official SPA news agency said. The
2.5 percent annual tax on the value of undeveloped land designated for residential or commercial use will be applied in stages to owners of plots exceeding 5,000 square metres, SPA quoted a cabinet statement as saying. The measure aims to help resolve a shortage of affordable housing in Saudi Arabia by putting more unused land on the market.