Monday, 9 May 2016

MIDEAST STOCKS-Gulf bourses diverge; Saudi real estate shares hit by land tax | Reuters

MIDEAST STOCKS-Gulf bourses diverge; Saudi real estate shares hit by land tax | Reuters:

"Shares in the Middle East were mixed on Monday as some stocks advanced on positive news while Saudi Arabia's real estate companies retreated after a land tax was announced.

Riyadh's index edged up 0.3 percent in modest volume. As part of the country's economic reform campaign, the Housing Ministry said on Sunday that it was imposing an annual tax on undeveloped urban land; the levy will be equivalent to 2.5 percent of the value of the land.

The announcement had been expected, and details of how the tax will be applied - crucial to assessing its impact - have not yet been revealed. But real estate-related companies with large land banks were hit by the news, with Taiba Holding and Jabal Omar Development dropping 2.3 and 1.6 percent respectively."



'via Blog this'

No comments:

Post a Comment