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    5 billion dollar investment in Istanbul

    Hürriyet Haber
    24.10.2005 - 13:12 | Son Güncelleme: 24.10.2005 - 13:12

    Istanbul's Municipality and Dubai International Properties held a joint press conference to formally reveal details about the first level of a massive 5 billion dollar investment project in the city.

    Project's first stage: "Dubai Towers Istanbul"

    According to information provided, the first stage of the project will be the construction of the 500 million dollar "Dubai Towers Istanbul." The project, which will provide living and work space, will also feature a 5 star hotel, as well as a shopping and entertainment center. The finish date for the project is forecast as 2008. The towers will be 300 meters high.

     Creation of thousands of jobs promised

    Speaking at the press conference, a representative from Dubai International Properties said that "there is an atmosphere of growth and development in Turkey, and its strategic positioning is good....Our project will promote economic growth in the country, and will help bring more investment to Istanbul. It will create thousands of jobs."

    Istanbul Mayor Kadir Topbas noted that while 80% of the project's investment originiated with Dubai International Properties, a full 20% was represented by the Istanbul Municipality itself.

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