Major Development Agreement with Turkish Firm Emlak Konut
Saudi Arabia’s National Housing Company (NHC) has signed a sub-development agreement valued at over SAR1 billion ($266 million) with Turkish real estate developer Emlak Konut to advance the residential project in the Makkah Gate Destination.
The deal encompasses the development of 255,000 square meters and the construction of more than 1,000 high-quality residential villas. The agreement was signed during the Cityscape Global 2025 exhibition under the patronage of the Saudi Minister of Municipalities and Housing, Majed Al Hogail, with NHC CEO Mohammed Albuty and Emlak Konut General Manager Yasir Yilmaz representing their organizations.
Project Scope and Strategic Importance
This partnership strengthens investment ties between Saudi Arabia and Turkey while supporting the Kingdom’s drive to meet growing housing demand under Vision 2030. Emlak Konut brings extensive expertise in large-scale housing projects to manage planning, procurement, and execution phases. The project will provide modern, internationally standard villas, adding to the rapidly expanding housing stock in Saudi cities, particularly Makkah.
Alignment with Vision 2030 and Housing Goals
The Makkah Gate residential development aligns with Saudi Arabia’s broader Vision 2030 objectives, which include urban sustainability and economic diversification. The NHC’s commitment to delivering over a million homes nationwide by 2025 complements this project, aiding in the accommodation of the Kingdom’s increasing urban population and elevating quality standards of residential communities.
Impact and Future Outlook
This collaboration is expected to enhance real estate quality in Saudi Arabia through knowledge exchange and advanced urban design principles. The Makkah Gate project embodies the Kingdom’s ambition to provide modern living spaces while fueling international partnerships in real estate development. It marks a significant step toward economic and urban transformation, emphasizing quality, innovation, and global standards.
Image by Jamal Abdul Nasir from Pixabay
