Istanbul Municipality 20%, Dubai Properties 80%
Following the signing of a protocol between Dubai International Properties and the Istanbul Municipality, which gives the Istanbul Municipality a 20% share in the construction project itself, Topbas also said: "The protocol signed today is the first step in speeding up Istanbul's march towards the world, towards having an effect on the world. We are stepping over the past and towards the future."
Towers are to reach 300 meters
The first stage of the 5 billion dollar project is to be the construction of the "Dubai Towers Istanbul," a project for which a 46 thousand meter area in Levent has already been earmarked. The Dubai Towers are expected to reach 300 meters into the sky, which would have them towering well over other skyscrapers in the area. Mayor Topbas has asserted that the project, which will include many other investments, will help push Istanbul into the forefront of a world center for business.