Dar Al Arkan Real Estate Development Company, one of Saudi Arabia's top property developers, said on Tuesday it was in talks with the government to provide housing units under the kingdom's economic reform plan.

The plan, announced on Monday, says the Ministry of Housing will spend a total of SR59.2 billion ($15.8 billion) over the five years through 2020 to ease the country's shortage of affordable housing through schemes such as a loan guarantee programme and faster licensing procedures.

In a brief statement to the stock exchange, where its shares jumped their 10 per cent daily limit on Tuesday, Dar Al Arkan said it was negotiating a co-operation agreement with the ministry, but did not give further details.-Reuters