Turkish real estate developer Emlak Konut has signed a preliminary agreement with the National Housing Company (NHC), an affiliate of the Saudi Arabian Ministry of Municipalities and Housing, for the "Hayat Mekke" project, it said on Tuesday.

The Hayat Mekke project, to be realized under this agreement, is situated within the Holy Haram area along the Mecca entrance corridor and will have an estimated volume of approximately $400 million, the company said in a statement at the Public Disclosure Platform (KAP).

The agreement was signed at the "Cityscape Global Riyadh 2025 Exhibition" held in Riyadh.

The project comprises 1,014 villas, commercial units, mosques, masjids, schools and various social amenities, according to the company.

It is seen as the first concrete result of the contacts made following the memorandum signed in Riyadh on Dec. 2, 2024, under the leadership of minister of Environment, Urbanization and Climate Change Murat Kurum, the Ministry of Investment of Saudi Arabia (MISA), and the Saudi minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail.

The project represents an important step in Emlak Konut's international growth strategy, while also creating a new foundation for cooperation in urban development between the two countries.

It will be managed by Emlak Konut Global, established as Emlak Konut's Riyadh-based subsidiary.