The Capital Market Authority (CMA) and the Ministry of Housing (MoH) held an introductory session in Riyadh on the Law of Vacant Land Fees (fees on undeveloped lands). This was aimed at raising the awareness of fund managers about the mechanism of applying the fees.
The meeting was attended by Hassan Alshuaiby, manager of investment products issuance at CMA's listed companies and investment products, as well as the MoH representative, Muhamad Almudaiheem, general supervisor of Imposition of Fees on Vacant Land Program, and Faisal Aldheraifi, manager of vacant land marketing campaign, along with about 60 persons from among fund managers of real estate investment funds. 
The general supervisor of Imposition of Fees on Vacant Land Program gave a presentation regarding the fees on vacant lands, fee organization, and method of registration, about the regulations.
He explained the stages of preparing the regulations and the mechanism of applying such rules as well as the targeted range. 
The presentation also addressed the main objective, which the ministry is seeking to achieve through the Law of Vacant Land Fees.
Almudaiheem answered questions and queries raised by the employees of the authorized persons.
The general supervisor of Imposition of Fees on Vacant Land Program stressed the importance of strengthening partnership and continuous interaction between the ministry and relevant bodies, whether government or the private sector, within the framework of integration with the concerned authorities.
He added that the ministry seriously deals with all inputs of the relevant authorities, and works to serve its programs and initiatives.

Source: Arab News