Saudi Arabia’s cabinet has finally approved proposals for a 2.5 percent white land tax on undeveloped residential and commercial plots within urban boundaries. While several details are awaited in the next six months, the law is expected to bring about a “fundamental change in Saudi Arabia’s real estate market once the new fee on undeveloped…

Just days after Standard & Poor’s (S&P) cut Saudi Arabia’s long-term foreign and local currency sovereign credit rating by one notch to ‘A+/A-1’ from ‘AA-/A-1+’, saying that a “pronounced swing” in the kingdom’s fiscal balance had prompted its downgrade, another sovereign ratings agency Moody’s has now warned of its weakening fiscal position, while keeping its…