ECONOMY

Big Istanbul project

DUBAI (Reuters) – Dubai-based Emaar Properties said it would develop with Turkey’s Atasay a $700 million (583-million-euro) residential and commercial project in Istanbul. The 170-hectare (420-acre) Lakeside development, to be located in the western part of Istanbul, will include 600 luxury villas, Emaar stated, adding the project could draw up to $10 billion (8.3 billion euros) more in investments over the next few years. «The Lakeside project is the first of many Emaar projects in Turkey. Not only are we looking at the real estate sector, but also at investing in finance, energy, telecom, tourism and media sectors as part of Emaar’s long-term investment plans within the country,» said Nader Mohammed, Emaar’s executive director of international operations. The project is Emaar’s latest outside the Gulf city of Dubai, where it is spearheading a construction boom.