Proposal to set up development fund

RIYADH, 8 May — The Municipality of Riyadh and Riyadh Development Authority are weighing prospects of setting up a fund to finance major development projects in the city, according to Mayor Prince Abdul Aziz Al-Muqrin. Speaking to Arab News, he said the proposed fund will be raised by imposing fees on sales of real estate and levying an annual fee from hotels and furnished apartments. A portion of the income of the Chamber of Commerce and Industry would also go to the fund.