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ZAWYA: Turkey's Emlak Konut launches Saudi expansion with $400mln villa project in Makkah
ZAWYA: Turkey's Emlak Konut launches Saudi expansion with $400mln villa project in Makkah
About this update from Emlak Konut Gayrimenkul Yatirim Ortakligi A.s. 0 % Certificates 2025-31.12.2199
Marwa Abo AlmajdTurkey's largest real estate investment company Emlak Konut on Wednesday announced its expansion into Saudi Arabia, unveiling its inaugural project, Hayat Makkah, aimed at serving residents and visiting pilgrims.In November 2025, the Istanbul stock exchange-listed company had signed a preliminary agreement for Hayat Makkah with Saudi Arabia’s state-owned National Housing Company (NHC) on the sidelines of Cityscape Global Riyadh 2025 Exhibition.Hayat Makkah is located within NHC’s Makkah Gate master plan and will comprise 1,014 villas, with units ranging in size from 150 to 5,000 square metres (sqm) and several amenities, according to a press statement by the company.While the statement didn’t disclose the financial details, Emlak Konut had pegged the value of the project at $400 million in its 2026 analyst presentation.Chairman Ertan Keleş said the company is in discussions with housing authorities and private partners for a second project, while a third development is being planned in Jeddah.Emlak Konut reported net profit of 13.20 billion Turkish Lira ($296 million) for financial year 2025, according to a March 2026 Reuters brief.(Writing by Marwa Abo Almajd; Editing by Anoop Menon)([email protected])Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.