19.11.2025 04:56
Former Galatasaray executive Erden Timur has reached an agreement with the King Abdullah Economic City (KAEC), a subsidiary of the Saudi Arabian Public Investment Fund (PIF), for his new investment in Saudi Arabia.
Galatasaray Sportif A.Ş. former vice president Erden Timur's company Nef has reached an agreement with the Saudi Arabian Public Investment Fund (PIF) subsidiary King Abdullah Economic City (KAEC) for its first project in Saudi Arabia.
$700 MILLION PROJECT
According to the agreement, Nef will build a $700 million complex consisting of a hotel, retail, and residential areas near Jeddah.
SIGNATURES HAVE BEEN SIGNED
Turkey's Ambassador to Saudi Arabia, Prof. Dr. Emrullah İşler, attended the signing ceremony, where KAEC CEO Abdulaziz Alnowaiser and Nef Chairman Erden Timur formalized the collaboration.
'WE ARE TURNING IT INTO REALITY'
KAEC CEO Abdulaziz Alnowaiser made the following statements regarding the project:
"Our collaboration with Nef reflects KAEC's determination to expand housing and living space options with leading developers. This agreement represents a new phase in our journey to build a modern and sustainable city that brings together innovation, community culture, and quality of life. By working with global partners, we are turning KAEC's long-term vision into reality as a vibrant destination where people can live, work, and enjoy."
'AREAS THAT OFFER REAL VALUE AND LIVING EXPERIENCE'
Nef Chairman Erden Timur's statement is as follows:
"We are proud to work with KAEC in shaping the future of modern urban living in Saudi Arabia. As Nef, we design with a human-centered approach, creating spaces that offer real value and meaningful living experiences. This collaboration allows us to bring our design philosophy and international expertise to one of Saudi Arabia's most dynamic and promising destinations."