Private contractor Saudi Binladin Group (SBG) is planning to invest $500 million in a housing project in Turkey, the Turkish Star 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.

Star 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. - Reuters