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Emaar denies reports over $1bn megaproject in Turkish city

Emaar has said it is “currently not building” any projects in the Turkish city of Trabzon, contrary to reports that the Dubai developer is masterminding a $1 billion mixed-used megaproject in the Black Sea resort town.


Arabic media have quoted a Turkish official as saying that Emaar’s involvement in the project would include the development of a five-star hotel, residential towers and a commercial centre. The official said that the megaproject would be completed in two years’ time.


However, in a statement to the Dubai Financial Market, the developer denied the reports.


“In respect of the media reports published on 15 August 2016 regarding the building of a $1bn project in Trabzon by Emaar, we would like to clarify that Emaar Properties is currently not building any project in Trabzon city,” the firm’s general counsel said.


“We shall keep the market informed if any such opportunity arises.”


Emaar recently teamed up with Turkish hotel giant Rixos and Dragone Productions to launch The Land of Legends, Turkey’s largest theme park, which opened in the southern city of Antalya in July.


The developer’s Turkish subsidiary is building the mixed-use Emaar Square project in Istanbul, which will feature 1,000 luxury homes, an Address Residences hotel and a shopping mall when completed.

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