Saudi Arabia's Al-Bassam Group will set up a new fund worth 2 billion liras ($751.17 million) with Saudi Sumou Holding to invest in Turkey's real estate market, AlBassam Group's CEO said on Wednesday.

"We are aiming to work with state companies such as TOKİ, Emlak Konut and Kiptaş," Ziad al Bassam said.

Speaking at the International Investment Summit in Istanbul, Bassam said that Saudi companies are willing to increase their cooperation with Turkish companies and added that the petrochemistry and energy sectors were also the areas that Saudi companies can make investments.