BEIRUT: Lebanese President Michel Aoun signed off on public sector wage increases and related tax hikes on Monday, the national news agency NNA said.
Aoun had held off ratifying the two laws since parliament approved them last month, amid concerns from businesses about the impact of more taxes on Lebanon's fragile economy.
The public sector pay scale law has been under discussion for years. The government had estimated that it would cost around $800 million, or $1.2 billion if it included certain pension increases.
The tax law raises value-added tax (VAT) by one percentage point to 11 percent and hikes corporation tax to 17 percent from 15 percent.
Several protests have broken out this year over the proposed tax hikes, which are intended to fund public sector pay rises.
In recent weeks, some public sector workers have also gathered in the streets calling for Aoun to finally sign the laws.
Lebanon hikes corporation tax and VAT
Lebanon hikes corporation tax and VAT
New ownership rules spark foreign demand for Saudi real estate
RIYADH: Property developers in Saudi Arabia are seeing increased interest from international investors following the Kingdom’s recent amendments to real estate ownership laws, industry figures told Arab News.
Speaking at the Real Estate Future Forum in Riyadh, developers said the new regulations permitting foreign ownership of land are beginning to influence market behavior, including decisions by developers and speculators.
The updated regulatory framework officially came into effect on Jan. 22, enabling non-Saudis to apply for property ownership through the Saudi Arabia Real Estate digital platform.
Under the new rules, foreign individuals, companies, and entities are allowed to own property across the Kingdom, including in major urban centers such as Riyadh and Jeddah. Ownership in Makkah and Madinah, however, remains limited to Saudi companies and Muslim individuals.
Developers say the policy shift is already shaping large-scale projects, including Alma Destination on the Red Sea coast.
The waterfront mixed-use tourism development is opening opportunities for hospitality operators and investors, with plans encompassing residential units, hospitality offerings, marina facilities, and entertainment venues.
Zuhair Bakheet, CEO of Al Thuraya Al Omranya Properties and master developer of Alma Destination, said the project’s location in Jeddah, situated between the holy cities of Makkah and Madinah, enhances its appeal to international buyers.
“If we attract people who would love to have a unit within the Makkah and Madinah region, it’s a good option. If we think of Muslim countries like … Malaysia, Indonesia, Egypt, they would love to have a unit within close proximity of the holy cities,” he said.
Another developer factoring the regulatory change into its strategy is Emaar Economic City, the main developer of King Abdullah Economic City.
Emaar Economic City Chief Investment Officer Ali Al-Khatib told Arab News that the new framework represents a major shift for the sector. “We believe these new regulations for non-Saudi ownership are a significant turning point in the real estate sector in the Kingdom, and specifically for King Abdullah Economic City.
“We’ve already seen interest before the system was launched from last year … we’ve had interests from all around the world from Southeast Asia, from Africa, from Europe, from the West.”
