DUBAI: Emaar Properties signed a $500m loan to finance its project in Turkey, 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 of banks, including Emirates NBD, HSBC and Standard Chartered, Emaar said in a statement yesterday.
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.
Reuters
