The Saudi Arabian government is in talks with Turkish construction companies to execute residential projects worth $240 billion across the country, said a report.

The talks with the Ministry of Housing, with regard to the construction of two million homes in the kingdom, have made significant progress towards forming a consortium of construction firms in Turkey to implement the project, reported the Arab News citing Turkish sources.

Turkish companies said that Saudi officials visited Turkey last year to discuss the project.

Further, the general director of Turkish real estate companies, Murad Koroum, said the group met Saudi officials on the sidelines of a visit by Turkish President Recep Tayyip Erdogan to Saudi Arabia at the end of last year.

Mohammed Al Dugailbi, spokesman for the Ministry of Housing, said that the ministry will soon release details of the project.