The two-day Saudi International Real Estate Conference (SIRC 3), organized by the National Real Estate Commission of Council of Saudi Chambers (CSC) in collaboration with a group of economists and businessmen, ended in Riyadh yesterday. Undersecretary for Foreign Trade Mohammed bin Hamad Al-Kathiri opened the event on Sunday.

The third edition of the conference, which builds on the success of its first two editions, was held at a time when the Kingdom is witnessing the implementation of the largest investment program in the course of its massive development.

The conference was attended by more than 400 participants, including officials and decision-makers from Saudi, Gulf and international banks, and companies operating in real estate, construction, engineering and consulting, construction materials and others.

The conference discussed many topics in 5 sessions, such as performance and outlook of Saudi real estate sector, optimizing the legal and regulatory environment for Saudi real estate, mortgage finance in the Kingdom and what to expect, nurturing public and private partnership, and the need for a real estate authority and its role.

Al-Kathiri said the Ministry of Commerce and Industry was reviewing the contribution of the private sector in collaboration with the concerned ministries such as justice, interior, finance, and municipal and rural affairs and taking appropriate action.

The private sector has made a significant contribution to the process of economic and social development in the Kingdom, he said, adding that the private sector's positive performance over the past years is reflected in its contribution of about 9.5 percent to GDP.

Deputy Chairman of CSC Ibrahim bin Mohammed Al-Hadithi said: "The real estate sector has become a central pillar of the national economy and an important focus of the development experienced by the Kingdom at present."

Real estate is the second largest economic sector in the Kingdom and it is associated with over 100 economic activities. Its investments in 2012 was estimated at SR 1.5 trillion, Al-Hadithi said.

In order to achieve a comprehensive real estate and construction growth in Saudi Arabia, Chairman of National Real Estate Committee Hamad bin Ali Al-Showair called upon the concerned authorities to speedily consider the establishment of an authority for real estate.