The residential housing project could be worth as much as $240 billion.

The Ministry of Housing is currently holding talks with a number of Turkish companies to build thousands of residential units in the country, according to local reports.

Some Turkish sources have said that the talks have made significant progress in forming a consortium of the construction firms in Turkey to implement the project, which could be worth as much as $240 billion.

Mohammed Al-Dugailbi, spokesman for the Ministry of Housing, said that the ministry will soon issue a statement in this regard explaining all the details.

Meanwhile, some Turkish sources commented on the recent meetings, saying “these negotiations were partially completed during the visit of President Recep Tayyip Erdogan to Saudi Arabia at the end of last month.”

Some Turkish companies said that Saudi officials visited Turkey last year to discuss the building of 2 million residential units in the Kingdom. The general director of Turkish real estate companies, Murad Koroum, said that the group met Saudi officials on the sidelines of the visit by Erdogan on Dec. 29.

Foreign Minister Adel Al-Jubeir announced earlier the intention to form a Saudi–Turkish strategic cooperation council between the two countries on the sidelines of the visit of the Turkish president. “The council will focus on security, military, political, economic, commercial, investment and energy issues,” said the minister in a joint press conference with his Turkish counterpart.

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