And expanding horizons for real estate investment...

Al-Hogail discusses with his Turkish counterpart strengthening the strategic partnership.

His Excellency Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, met today with His Excellency Minister of Environment, Urban Development and Climate Change of the Republic of Turkey, Mr. Murat Kurum, in his office at the ministry's headquarters in Riyadh.

During the meeting, they discussed ways to enhance bilateral cooperation and exchange expertise in the sectors of housing, real estate development, and urban development, supporting the strategic partnership between the two countries.

The two sides also explored opportunities for broader cooperation in economic models for the housing and urban development sector, through exchanging best practices in partnerships with the private sector, real estate financing tools, and sustainability of urban project financing, to enhance investment efficiency and keep pace with transformations in the real estate sector in both countries, alongside exchanging expertise in urban development, housing project management, sustainability, and smart cities.

His Excellency Minister Al-Hogail praised the contributions of Turkish contracting companies that have implemented (434) projects in the Kingdom with an investment value of (32.5) billion dollars, emphasizing the importance of developing official investment channels under direct government supervision to protect investors, remove obstacles, and enhance the business environment in both countries.

During the meeting, His Excellency affirmed the strength of Saudi-Turkish relations, noting that the two countries represent a pivotal economic weight within the G20, as the Kingdom's GDP exceeds (1.28) trillion dollars and Turkey's GDP is (1.60) trillion dollars for 2025, totaling approximately (3) trillion dollars combined, which opens wide horizons for increasing trade volume and strengthening investment partnerships in municipal and real estate sectors.

On the sidelines of the meeting, a memorandum of understanding was signed between the Ministry of Municipalities and Housing of the Kingdom of Saudi Arabia and the Ministry of Environment, Urban Development and Climate Change of the Republic of Turkey, aiming to enhance institutional cooperation and exchange expertise in housing, real estate development, and urban development, support investment partnerships, and develop joint initiatives contributing to sustainable urban development in both countries.

This meeting comes within the framework of the Ministry of Municipalities and Housing's keenness to strengthen international partnerships, exchange global best practices, and develop institutional cooperation, contributing to achieving the goals of Saudi Vision 2030, improving quality of life, and supporting sustainable urban development in the Kingdom.