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    Dubai towers come to Istanbul

    Hürriyet Haber
    25.10.2005 - 10:38 | Son Güncelleme: 25.10.2005 - 10:38

    It was announced on Monday that Istanbul is to get two new additions to its skyline. The United Arab Emirates real estate group, Dubai International Properties (DIP) plan to build two 300 meter office towers – Dubai Towers Istanbul. Work is set to begin in 2006 with projections for completion being 2008. The complex will include a business center and hotel, as well as space for commerical and leisure activities.

    The announcement was made by Istanbul mayor Kadir Topbas and DIP at a press meeting in Istanbul on Monday.

    The towers will be built on the European side of the city and total cost of the project is expected to be $500 million, of which 80% will be met by Dubai International Properties, the other 20% will be realized by the mayor's office.

    The complex is part of a five-billion-dollar real estate deal reached in early October between DIP and the city.

    "We've been negotiating with the municipality of Istanbul for a while because we believe in Istanbul and in the economy of Turkey," said Mohammad al-Gergawi, executive president of Dubai Holdings, which comprises about 20 companies including DIP.

    "We are currently identifying some other projects in Istanbul that we will realize one by one in the future ... This would be within the next four years."

     

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