Riyadh – Mubasher: Riyadh Development Company, known as ARDCO, has received additional tax invoices totaling approximately SAR 2.07 million under the White Land and Vacant Property Fees Law program of Saudi Arabia, according to a bourse filing.
This latest development brings the company’s total number of invoices issued for White Land Tax to SAR 18.86 million, while the amount contested has reached SAR 5.23 million.
This announcement follows a previous disclosure on 6 January 2026, in which Riyadh Development reported a total fee balance of SAR 16.78 million. At that time, the company already initiated objection proceedings for a contested amount worth SAR 3.15 million.
Beyond the legal and administrative response to these fees, the listed firm is actively working to mitigate the long-term impact of the vacant land tax by accelerating its development pipeline.
The company informed shareholders that it is currently studying and developing qualitative projects on the affected lands. These projects are intended to leverage new real estate regulations and are designed to align with the Riyadh Development’s corporate strategy.
Meanwhile, the strategic direction was launched in early 2023 under the theme Invest for Growth, marking a shift in the company’s operational model while focusing on maximizing the value of its land holdings by converting them into income-generating assets rather than maintaining them as undeveloped plots subject to recurring fees.
In the first quarter (Q1) of 2026, Riyadh Development registered net profits worth SAR 50.48 million and sales of SAR 103.89 million.
