RIYADH, Oct 2 — Saudi Arabia will exempt real estate transactions from a 15 per cent value-added tax and instead impose a new 5 per cent tax on property deals, said a royal order issued by King Salman today.

The kingdom's finance minister said on Twitter that the order, which was carried on state media, aimed to help spur economic growth and provide support for Saudi citizens.

The world's largest oil exporter is facing a deep recession with the economy shrinking by 7 per cent in the second quarter amid low crude prices and the Covid-19 pandemic. — Reuters