Emlak Konut signs agreement with Saudi ministry

ISTANBUL

Emlak Konut Real Estate Investment Company has announced that it has signed a memorandum of understanding in Riyadh with the Saudi Investment Ministry and National Housing Company.

“This agreement aims to integrate Türkiye’s expertise in construction and real estate development into large-scale projects aligned with Saudi Arabia's Vision 2030 objectives,” Emlak Konut said in a filing with Borsa Istanbul.

Turkish Environment, Urbanization and Climate Change Minister Murat Kurum and Saudi Municipal and Housing Minister Majid bin Abdullah Al-Huqail attended the signing ceremony.

Within the scope of this agreement, Emlak Konut will assume a leading role in housing projects in Saudi Arabia and support the integration of Turkish contractors into the Saudi market, it added.

Furthermore, Emlak Konut aims to establish a subsidiary company in Saudi Arabia in the coming period, according to the statement.

Saudi Arabia is one of the lucrative markets for Turkish construction companies.

Last year, Turkish contractors undertook $2.94 billion worth of projects in the kingdom, corresponding to a 10.4 percent share of total projects awarded to Turkish companies abroad.

From 1972 to the end of November 2024, the value of projects Turkish contractors assumed in Saudi Arabia reached $28.98 billion, according to data from the Trade Ministry.