UAE Turkey investment

Dubai International Properties plans to invest a whopping US $5 billion in several high profile real estate projects in Turkey. The projects will include the construction of hotels, residential towers, shopping malls and leisure-based schemes in Istanbul.

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By  Sean Cronin Published  October 15, 2005

Dubai International Properties plans to invest a whopping US $5 billion in several high profile real estate projects in Turkey. The projects will include the construction of hotels, residential towers, shopping malls and leisure-based schemes in Istanbul. Turkish prime minister Precep Tayyip Erdogan said the deal represented the first direct foreign investment in Turkey since the country opened accession talks with the European Union last week. “From now on, substantial investments will come to our country from both the Gulf and EU countries. Our efforts are continuing and 2006 will be a better year,” said Erdogan. Economic and trading ties between the UAE and Turkey have become closer in recent months. The announcement follows the news that developer Emaar is among 15 firms that have applied for pre-qualification in the tender for the sale of Turkey’s cell phone operator Telsim.

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