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Dubai's Emaar signs $500 mln Turkey real estate loan
The UAE based property maker, which has operations in Egypt, enters the Turkish market in a $500 million deal
Reuters Published in Ahram Online on 19 - 12 - 2012

Emaar Properties signed a $500 million loan to financeits project inTurkey, as a gradual recovery in Dubai's battered property market helps the developer revisit stalled developments and international growth plans.
The loan facility, which runs for seven years, was provided by a consortium ofbanks, including Emirates NBD, HSBC and Standard Chartered, Emaar said in a statement on Wednesday.
The Turkish development, called Emaar Square, will host residential and commercial real estate as well as Turkey's largest shopping mall, the statement added.
"With the current positive growth outlook of Emaar in all its key markets, we are exploring new opportunities to strengthen our project portfolio and create long-term value for our stakeholders," Mohamed Alabbar, chairman of Emaar Properties, said in the statement.
The builder of the world's tallest tower, the Burj Khalifa, has announced a series of new projects and restarted stalled developments this year as sentiment in Dubai's battered property market turned positive.
It has also looked to shift focus toretailprojects and developments outside its home base of Dubai, where property prices plunged by over 60 per cent from the 2008 peak.
The developer recently announced plans to set up a new joint venture with the Iraqi government to develop housing in the war-torn country.
It also plans to build aretailand entertainment complex inEgypt.
Emaar Properties and an arm of Dubai Holding, the ruler's conglomerate, also launched the first project in the planned multi-billion dollar Mohammed Bin Rashid (MBR) City development earlier this month.

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