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Turkish firms to build 2 million Saudi homes – Economics & Business Channel
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Turkish firms to build 2 million Saudi homes

The Saudi Ministry of Housing is currently in talks with a number of Turkish companies to build approximately two million residential units in the country. Some Turkish sources have said that the talks have made significant progress in forming a consortium of the construction firms in Turkey to implement the project, which could be worth as much as $240 billion.

Mohammed Al-Dugailbi, spokesman for the Ministry of Housing, said that the ministry will soon issue a statement in this regard explaining all the details.

Meanwhile, some Turkish sources commented on the recent meetings, saying “these negotiations were partially completed during the visit of President Recep Tayyip Erdogan to Saudi Arabia at the end of last month.”

Foreign Minister Adel Al-Jubeir announced earlier the intention to form a Saudi–Turkish strategic cooperation council between the two countries on the sidelines of the visit of the Turkish president. “The council will focus on security, military, political, economic, commercial, investment and energy issues,” said the minister in a joint press conference with his Turkish counterpart.

The Presidency of Social Housing Management (TOKI) President Ergun Turan said they had collaboration requests from around 90 countries. He said “Authorities from Saudi Arabia asked us to support to supply around 2 million housing requirement of the country. We will participate to our President Recep Tayyip Erdogan’s courtesy visit to Saudi Arabia in December 29 and 30”.

Turan said that TOKI will be an umbrella organization in abroad too. He added that they are negotiating with sector representatives for construction businesses in abroad. According to his statements, especially developing countries as Afghanistan, Kazakhstan, Iran, Pakistan and Ghana visit TOKI to learn about their construction models and to make collaboration.