First phase of Saudi Arabia’s idle land program to kick off in Madinah, Aseer: ministry

The Ministry of Housing announced in September that the idle land fees program would include 17 new cities. (SPA/File)
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Updated 25 December 2020
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First phase of Saudi Arabia’s idle land program to kick off in Madinah, Aseer: ministry

The Ministry of Housing said Dec. 23 that the first phase of the idle land fees program will start for the land plots located within the geographical scope of Madinah, as well as the two cities of Khamis Mushait and Abha in Aseer, according to a statement cited by Saudi Press Agency.

The proposed geographical scope of each city was reviewed and land plots were recorded, in preparation for the application of the idle land program. The endorsed scope came in line with the objectives of the program and also in conformity with the municipality's strategic plans for target cities.

The Ministry of Housing announced in September that the idle land fees program would include 17 new cities. Taxes will be charged in five cities before the end of the year, namely Madinah, Abha, Taif, Khamis Mushait and Jazan. The remaining cities will be subject to the white land levy next year, according to Argaam.

The second phase of the program targets developed land plots, owned by one landlord with a total area of over 10,000 square meters. The tax will be levied in the near term, after completion of the required paperwork. The second phase of the program will start in Riyadh, Jeddah and Dammam.

The program called upon owners of undeveloped land plots, with a space of not less than 10,000 square meters to register their land within six months, so as not to be fined by up to 100 percent of the fee value.

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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.