King Salman Park Foundation (KSPF), the developer behind the $25 billion King Salman Park giga-project in Riyadh, is launching a new development featuring homes and offices as demand for property remains strong in the Saudi capital.
The project, to be built within King Salman Park in partnership with Adjan Real Estate and Sedco Capital, is valued at $1 billion, its chief executive told The National in Riyadh on the sidelines of real estate exhibition, Cityscape Global.
KSPF, a government-owned body with Saudi Crown Prince Mohammed bin Salman as it chairman, will supply the land, while Adjan and Sedco will provide equity for the development.
“The project will have a substantial component of residential, roughly 600 units, about 45,000 square meters of office space and a hotel with more than 200 keys,” chief executive of KSPF George Tanasijevich said. “Then there will be a variety of amenities, including supermarkets, restaurants, clinics and retail.”
King Salman Park, covering 17.2 sq km in the heart of Riyadh, was launched by the Saudi government in 2019 as part of the kingdom's plans to diversify its economy from oil under Prince Mohammed's Vision 2030.
The park is being built in several phases and will feature cultural, arts and entertainment attractions, as well as housing and green spaces.
“The master plan of the [residential] zone and the broader King Salman Park footprint is designed to provide for the ease of pedestrian mobility,” Mr Tanasijevich said.
“It’s going to have a museum of world cultures that will be operated by the Ministry of Culture. It will have a national theatre. It's going to have an academy where people can learn or pursue their interests in the arts.” Tunnels, bridges, a visitor pavilion and a royal arts complex are already complete, he added.
The latest announcement months before Saudi Arabia is set to allow foreigners to buy property in specific zones in Riyadh and Jeddah, starting from January. The move is expected to boost property transactions and help more developers to launch new projects in the kingdom.
“It’s a very positive thing for the market," Mr Tanasijevich said. "It will be an additional incentive for foreigners to come and live and work here, because they can have a place that they can call their own."
Saudi Arabia also aims to increase home ownership among citizens to 70 per cent by 2030, through government initiatives such as Sakani.
Home ownership had reached 63.7 per cent by the end of 2023, a 16.7 percentage point increase since the National Transformation Plan was introduced in 2016, surpassing the government’s 2023 target of 63 per cent, Knight Frank said.
The kingdom is also planning to simplify access to affordable long-term financing.
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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
