Dubai Holding's international property arm, Dubai International Properties (DIP) will invest Dh1.83 billion in Dubai Towers a multi-use tower complex in Turkey's capital Istanbul.
This is first real estate development project in the $5 billion agreement between the two parties on joint investment ventures.
The project was announced during a visit by General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense to Turkey.
Dubai Towers follows DIP's Dh1.1 billion ($300 million) investment in Doha with the same name.
Mohammad Al Gergawi, executive chairman of Dubai Holding, said, "This project, which we are launching in partnership with the Istanbul Metro-politan Municipality, represents one of the largest Dubai Holding projects internationally.
"Our selection of Turkey for such a project reflects our trust in the growth potential of the Turkish economy, and its position as a strategic international hub for business, trade and tourism."
"We are very pleased to announce this project, which we consider as a major step towards building stronger economic relations with Turkey and strengthens the cooperation necessary for the overall development of the region.
The Dubai Towers Istanbul project will offer tremendous economic, trade and tourism benefits and will further position Istanbul as one of the leading cities in the world for business, shopping and entertainment," added Al Gergawi.
The Dubai Towers Istanbul will cover an area on the city's Büyükdere Street on the European side of Istanbul.
A team of renowned Turkish and international architectural, design and construction companies will be gathered to implement the project in keeping with Dubai International Properties' total commitment to unique architecture and first class quality.
Farhan Faraidooni, chief executive of Dubai International Properties, said, "Apart from developing real estate, this project is set to contribute to the creation of jobs in the country.
"Turkey, on the crossroads of Europe and Asia, is a key market and one that is poised to take off in the coming months and years.
"We are not just creating a high-rise in Istanbul, we are creating a unique mixed-use complex that will have Class A office space, a luxury hotel, serviced and residential apartments, and a unique shopping boulevard."
Gulf News
