By John Irish
Largest-listed developer in the Arab world proceeding with plans of New Istanbul Project.
Dubai's Emaar Properties is finalising the cost of developing a project in Turkey, it said on Wednesday, the latest sign the real estate firm is looking overseas to mitigate a downturn at home.
Property firms in Dubai were hit hard by the global downturn, which sent prices in the emirate's once-booming real estate sector tumbling some 50 percent from their peaks in 2008.
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," it said in a statement.
It added a detailed development value was being finalised.
Emaar initially invested $400 million in the Istanbul project, according to its website, the second project it is building in Turkey after completing the first phase of the $700 million Tuscan Valley gated-community.
Emaar, 32 percent 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 largest-listed developer in the Arab world said on Tuesday it was waiting for responses from the Bali Tourism Development Corporation and Indonesia's government to proceed with a $600 million project in the world's most populated Muslim country.
The Indian unit of Emaar received the stock market regulator's approval for a $770 million initial public offering, a spokeswoman said on Monday.
The developer's shares closed 0.9 percent down. (Reuters)