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Emlak Konut REIT, Türkiye’s state-owned and largest publicly listed real estate investment company, has signed a preliminary agreement with Saudi Arabia’s National Housing Company (NHC) for a large-scale residential development in Mecca, valued at approximately $400 million.
The agreement was finalized during the Cityscape Global Riyadh 2025 Fair, held from Nov. 10 to 13, and was attended by Emlak Konut REIT General Manager Yasir Yilmaz, Saudi Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah al-Huqail, and NHC CEO Mohammad Albuty, following a goodwill memorandum signed by Turkish and Saudi officials in December 2024.
The project, titled "Hayat Mekke," will be carried out by Emlak Konut Global, a recently established international subsidiary of the company.
According to a disclosure filed with the Public Disclosure Platform (KAP) on Tuesday, located near the entrance corridor to Mecca and close to the Grand Mosque (Masjid al-Haram), the project is expected to offer a high standard of living and strong investment potential. It will include 1,014 villas, educational institutions, health care centers, mosques, commercial units, and large public green spaces. The master plan features neighborhood-scale social facilities and culturally compatible architectural designs.
Emlak Konut will deploy its revenue-sharing model and pre-sales expertise—practiced extensively in Türkiye—on an international scale for this project. The company will oversee all planning, procurement, site management, and implementation stages through its global arm.
"This collaboration represents a strategic milestone in exporting our Company's technical know-how and strengthening regional cooperation," Emlak Konut said.
In a separate development, Nef, another major Turkish real estate developer, signed a memorandum of understanding with King Abdullah Economic City (KAEC), a subsidiary of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF). The partnership involves the construction of a high-end mixed-use complex, including hotel, retail, and residential components.
The agreement was also announced during Cityscape Global Riyadh 2025 and aligns with KAEC’s goal to support Saudi Arabia’s Vision 2030 strategy, according to a statement from the company. Located on the Red Sea coast north of Jeddah, KAEC spans 185 million square meters and is designed as an integrated economic and residential hub.
The new collaboration is intended to support tourism, innovation, private sector involvement, and sustainable urban growth, reinforcing the role of Turkish developers in shaping urban expansion across the Gulf region, the company added.
Since 1972, Türkiye’s international contracting sector has undertaken 12,627 projects worth $543.6 billion across 137 countries, including $33.4 billion in projects in Saudi Arabia, according to the Trade Ministry's figures as of the first half of 2025.
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