Majid Al-Hogail, Saudi Arabia's Minister of Agriculture and Housing, has invited Turkish contractors to cooperate on projects worth $150 billion in his country, according to Emlakkulisi. More specifically, the corresponding agreement was made during a meeting and joint negotiations between representatives of the Turkish Contractors Association (TMB) and a delegation from Saudi Arabia led by Majid Al-Hogail. The minister stated that Turkish construction companies will be handling projects worth $150 billion until 2030.
It should be noted that the the start of the Russian-Ukrainian conflict caused a partial reorientation of Turkish contractors to Saudi Arabia as a new target client, resulting in the suspension or interruption of a number of projects in Russia.
Of the mentioned $150 billion, more than $100 billion will be spent on municipal projects and the remaining $50 billion on housing projects.
However, Turkish developers are highly sought after abroad. It is worth noting that Turkish companies have been responsible for building every fifth foreign unit developed in the Russian Federation over the past thirty years. However, construction costs in Turkey are increasing, and the number of available residences for sale is decreasing.