Emaar finalising cost of developing project in Turkey

Emaar Properties is finalising the cost of developing a project in Turkey, it said yesterday, the latest sign the real estate firm is looking overseas to mitigate a downturn at home.

The builder of the world's tallest tower bought prime land in Libadiye, Istanbul, in February 2008 to develop a shopping mall, residences and a five-star hotel, according to its website.

"Emaar is proceeding with the development of the New Istanbul Project. This is in line with the company's strategy of seeking growth opportunities in promising global markets," Reuters reported quoting a company statement. It added a detailed development value was being finalised.

Emaar initially invested $400 million (Dh1.4 billion) in the Istanbul project, according to its website, the second project it is building in Turkey after completing the first phase of the $700m Tuscan Valley gated-community. Emaar, 32 per cent owned by the Government of Dubai, said in February it would focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter.

The developer said it was waiting for responses from the Bali Tourism Development Corporation and Indonesia's government to proceed with a $600m project in the world's most populated Muslim country.

Sergio Casari, CEO, Emaar International, told Emirates Business, last year, that Emaar International was going ahead with all its committed projects, but was studying future workload to realign its plans.

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