Saudi economy in doldrums as Crown Prince Mohammed bin Salman's i

Saudi economy in doldrums as Crown Prince Mohammed bin Salman's i:

"Saudi Arabia's property market has been hit hard by the kingdom's stalled economy and austerity drive, all designed to help the government cope with low oil prices.

Rents in some part of the country could fall by more than 50 percent over the next year as millions of expatriates prepare to leave the Gulf state as the government takes aim at them to shore up cash, the Financial Times reported.

It comes as Saudi Arabia introduced the so-called expat tax, meaning foreign workers must pay $26 per dependent living in the kingdom with the tax set to rise rapidly in the coming years.

As many as 2.5 million of the country's 10 million expatriates are expected to leave by the end of next year as foreigners' tax-free lifestyle comes to an end."



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