A new real $2.2 billion estate fund will drive ongoing construction at the Kingdom Tower Jeddah and the surrounding development, slated to become the world's tallest building upon its targeted completion in 2018.
Saudi Arabia's cabinet, in a meeting chaired by King Salman, imposed a 2.5 percent fee on undeveloped land within city limits intended for residential or commercial use, it announced in a statement on state media on Monday.
Consumers in Saudi Arabia are thus far feeling little effects of the fall in oil prices on the broader Saudi economy, Bloomberg reports, though the government is taking measures to curb spending and adjust its fiscal policy to new realities.
Saudi Arabia's Capital Market Authority has further tightened its restrictions on anonymous investors trading shares through brokers in a bid to prevent money laundering and financing of militant groups, Reuters reports.
Saudi Arabia's long-awaited Riyadh metro project has hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling work related to the first tunnel section of Line Five (Green line).
