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PRESS RELEASE |
Key objectives driving strategic real estate in Saudi Arabia |
The National Transformation Plan identifies the property sector as a key player in diversifying the Kingdom's economy and reducing its dependence on oil |
DUBAI, United Arab Emirates, September 26, 2016/ -- Earlier this year, the Kingdom of Saudi Arabia released a set of strategic objectives and key performance indicators aimed at expanding the non-oil economy. The National Transformation Plan identifies the property sector as a key player in diversifying the Kingdom's economy and reducing its dependence on oil.
Stefan Burch (Stefan.Burch@me.knightfrank.com), Head of Knight Frank KSA (http://www.KnightFrank.com.sa) commented "Over the medium-to-long term these development strategies are expected to transform cities for the better, improving the quality of life while maintaining affordability and safety of the local communities. In the short run, the approval of a white land tax on undeveloped land is expected to see land owners review their holdings and portfolios in order to be well positioned in light of the proposed tax. Meanwhile, others might seek to sell their sites which should help reduce land values and consequently make development more feasible. This in turn is likely to increase development activity across the Kingdom". Distributed by APO on behalf of Knight Frank LLP. For further information, please contact: Notes to EditorsKnight Frank (http://www.KnightFrank.ae) has a strong presence in the Middle East with offices in Abu Dhabi, Dubai, Bahrain and Saudi Arabia. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. SOURCE Multimedia content |
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