By Arif Sharif www.bloomberg.com
Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower in Dubai, obtained a $500 million loan from a group of banks to develop a mixed-use project in Turkey, its second such venture in the country.
Standard Chartered Plc (STAN), HSBC Holdings Plc (HSBA) and Emirates NBD Capital Ltd. are among lenders that will provide the seven-year loan, Dubai-based Emaar said in an e-mailed statement today. The money will be used to develop Emaar Square in Istanbul, which will include what would be Turkey’s largest shopping mall, luxury homes, a five-star hotel and offices, it said.
Emaar is focused on completing its projects in key emerging markets and in Dubai on schedule, Chairman Mohamed Alabbarsaid in the statement. “Turkey is one of our key markets, where we have successfully handed over homes in the first phase of our first integrated community, Tuscan Valley.” More info