INVESTMENT WATCH-

IFC + Al Muhaidib Group + Nomu Holding back Iraq’s construction sector: The World Bank’s International Finance Corporation (IFC) partnered with local private equity firm Al Muhaidib Group and Nomu Holding, a subsidiary of Iraq–based construction and manufacturing Al Maysarah Group, to invest USD 200 mn in Iraq’s building materials industry, IFC said in a press release.

IN CONTEXT- The investment is part of IFC’s USD 1 bn program announced during the IFC Partnerships Day in Baghdad, which aims to support energy, infrastructure, agribusiness, healthcare, real estate, and finance in Iraq while strengthening the country’s private sector.

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REAL ESTATE-

#1- Al Akaria faces White Land tax on 4.7% of Riyadh portfolio: Saudi Real Estate Company (Al Akaria) has 487.8k sqm in Riyadh — about 4.7% of its total 10.48 mn sqm portfolio in the city — subject to the updated White Land tax regulations, it said in a disclosure to Tadawul yesterday. Of these lands, 141.6k sqm fall into the highest-priority tranche with a 10% tax rate, while 346.3k sqm are in the lowest-priority tranche, subject to a 2.5% tax rate.

ICYMI- The Housing Ministry published the final executive regulations for the Kingdom’s White Land Tax Law last month, setting out a system that classifies all urban idle land into five categories based on development priorities.

CAPITAL MARKETS-

#2- The Capital Market Authority granted Hamah Capital a license to conduct arranging activities in the security sector, after meeting the regulator’s business requirements, it said in a statement yesterday. The Riyadh-based firm had earlier received approval in May to manage securities-related investments and funds.

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