Investment in Saudi Arabia’s real estate market is likely to top $129bn in the next three years, according to the head of the kingdom’s chambers of commerce.

Fahad Al Sultan, secretary general of the Council of Saudi Chambers, said that the real estate sector was the Kingdom’s most important sector after oil, and that the GDP of the sector in the Kingdom rose by 50% during the period from 1999 to 2008, with an average annual growth of five percent.