“The private sector is an important partner in the development process being witnessed in all parts of the Kingdom,” he said while addressing a forum of realtors in Riyadh. “We seek to establish a strategic relationship between the municipalities and the private sector in order to realize development plans.”

Prince Mansour emphasized the importance of activating the roles of the municipal councils and national committees at chambers to promote municipal services across the country.

Speaking about the ministry’s efforts to solve the housing problem, he said: “We have allocated 130 sites to construct low-cost housing units. We have also encouraged investment in the field.”

He said the number of licenses issued by the ministry for real estate projects during the seventh and eighth development plans grew by 10.4 percent.

“We are now in the process of setting up a data center,” he said.

Prince Mansour favored suggestions to develop the central parts of cities to attract investment. He praised the achievement of Al-Balad Al-Amin Company in Makkah in carrying out investment projects.

“We’ll encourage the setting up of similar companies in other parts of the Kingdom,” he said.

Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry (RCCI), said the forum would contribute to solving the housing problem.

Othman Al-Zaid, chairman of the real estate committee at RCCI, urged the ministry to speed up licensing real estate projects and residential construction plans.

He also called for activating the real estate registration law and revising the regulations related to the number of floors of apartments in major cities. Measures should also be taken to provide parking areas in highly populated areas, he added.

Custodian of the Two Holy Mosques King Abdullah has ordered the construction of 500,000 housing units in different parts of the country. He has also allocated SR250 billion for the purpose.

In a royal decree issued recently, the king also increased the amount of loans to be provided by the Real Estate Development Fund to a Saudi applicant from SR300,000 to SR500,000.