Emlak Konut opens sales offices in Mecca and Jeddah: Minister Kurum announces 'high demand for Hayat Mecca Project'

Emlak Konut, Turkey's state-backed real estate investment trust, has opened sales offices in Mecca and Jeddah, Saudi Arabia, to market the Hayat Mecca Project. Turkish Minister of Environment, Urbanization and Climate Change Murat Kurum announced the move, citing high demand from Saudi investors. The project involves collaboration with Saudi Arabia's National Housing Company (NHC) under the Ministry of Municipalities and Housing. The offices aim to facilitate sales and promote Turkish construction expertise in the Gulf region. This marks a significant step in Turkey-Saudi economic ties, following a period of diplomatic rapprochement. The Hayat Mecca Project is part of Saudi Arabia's Vision 2030 housing initiatives, targeting both local and international buyers.

Global Impact

Politically, the move reinforces the Turkey-Saudi rapprochement, with potential spillover into broader Middle Eastern diplomacy and trade agreements. Economically, it opens a new channel for Turkish real estate exports, which could modestly improve Turkey's current account balance.