​The Capital Market Authority (CMA) and the Ministry of Housing held yesterday at CMA's headquarters in Riyadh, an introductory session on the Law of Vacant Land Fees (i.e.; fees on undeveloped lands), in order to raise the awareness of fund managers at Authorized Persons regarding the mechanism of applying those fees.

The meeting was attended by Mr. Hassan Alshuaiby , Manager of Investment Products Issuance at CMA's Listed Companies & Investment Products, as well as the Ministry of Housing representative, Eng. Muhamad Almudaiheem, General Supervisor of Imposition of Fees on Vacant Land Program, and Eng. Faisal Aldheraifi, Manager of Vacant Land Marketing Campaign, along with about (60) persons from 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, method of registration, and people subject to the regulations. He explained the stages of preparing those regulations and the mechanism of applying such rules as well as the targeted range.

The presentation also addressed the main objectives which the Ministry is seeking to achieve through the Law of Vacant Land Fees. Afterwards, Eng. Almudaiheem answered questions and queries raised by the employees of the Authorized Persons.

In conclusion, the General Supervisor of Imposition of Fees on Vacant Land Program stressed on the importance of strengthening partnership and continuous interaction between the Ministry and relevant bodies, whether being government or 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 take advantage of them in any way to serve its programs and initiatives.