Jiwar Real Estate Management & Marketing, a unit of the Saudi Bin Laden Group, has announced plans to set up a development division with paid-up capital of SR250m ($66.6m).

The new unit aims to take advantage of strong property demand, particularly in the residential segment, in Saudi Arabia, Jiwar said in a statement.

It said housing units in the kingdom were expected to hit 4.6m in 2010 and rise to an estimated 6.2m by 2020, "creating long-term growth prospects for the real estate sector".