Wednesday, 20 July 2011 at 17:37, Reuters, Istanbul
The housing project would be in the town of Armutlu in northwest Turkey. (REUTERS)
Private contractor Saudi Binladin Group (SBG) is planning to invest $500 million in a housing project in Turkey, a newspaper reported on Wednesday.
Analysts have suggested that increasing flows of capital from the Middle East are helping Turkey to finance its massive current account deficit, while euro zone turmoil saps flows from European countries.
SBG said it had no immediate comment on the Star report.
The report said the housing project would be in the town of Armutlu in northwest Turkey and the group was in the process of establish a company in Turkey to handle the investment. It was also considering investment opportunities in agriculture and health, the newspaper said.
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