Saudi Arabia imposes annual tax on undeveloped land

Riyadh

SAUDI Arabia has imposed an annual tax on undeveloped urban land, the Housing Ministry said on Sunday, finalising the rules for a system intended to address a politically sensitive shortage of affordable housing.

The introduction of a land tax, first announced by the cabinet in November, marks a major step for the world's top oil exporting country in addressing a housing shortage frequently griped about by young Saudis.