Arab News heard Fadk speaking at the Jeddah Economic Forum where he praised the work already done to tackle the issue, saying that the 500,000-unit free housing project ordered by King Abdullah represented "constructive steps" on the road to a solution.
However, Fadk pointed out that the housing sector needed long-term financing while the real estate sector's needs are short-term, also stressing the need to have a clear understanding of all aspects of the problem in order to find suitable solutions for it.
The country needs an estimated 4.6 million houses, said Fadk, in a statement quoted by a local Arabic daily on Tuesday.
In a lecture delivered at the recently concluded Jeddah Economic Forum, Fadk said the country has to build 143,000 houses a year to meet demand.
"The Saudi index closed in an up-trend last week at its highest level since May and this week is the last week before first-quarter earnings start coming out," said Turki Fadk
, head of research and consultancy at Albilad Investment.
Tarek Ali Fadk
, a member of the Shoura Council, said the Kingdom is in need of 143,000 housing units annually.
"The news is positive because of the size of US demand for exports from the region," Turki Fadk
, head of research and consultancy at Albilad Investment Company, said.
Mr Molla worked as a labourer at Fadk
Al Zahra Construction Company and Bangladesh Embassy officials are trying to contact his sponsor, as well as track down details of his family in Bangladesh.