October 24, 2005

Sama Dubai and the Istanbul Metropolitan Municipality unveil "Dubai Towers-Istanbul" at $500 million

Istanbul -Turkey: Sama Dubai, a Dubai Holding subsidiary, and the Istanbul Metropolitan Municipality unveiled plans to build a multi-use tower complex in Turkey's commercial city of Istanbul. The project, to be called Dubai Towers - Istanbul, is at a cost of $ 500 million, and marks the first project within the $5 billion joint investment venture announced between the two parties. The Mayor of Metropolitan Istanbul, Mr. Kadil Topbas said, "Our municipality holds a great deal of real estate portfolio. It wouldn't be hard to estimate the benefits to be gained from the real estate investment partnership enterprise of the Istanbul Metropolitan Municipality." He added, "Istanbul Metropolitan Municipality is going to develop its cooperation with Sama Dubai step by step. In fact, today, Sama Dubai confirms once more their will to make an investment of about $5 billion in our country in the years to come." Mohammed Al Gergawi, Executive Chairman of Dubai Holding said, "This project, which we are launching in partnership with the Istanbul Metropolitan Municipality, represents one of the largest Dubai Holding projects internationally. Our selection of Turkey for such a project reflects our trust in the growth potential of the Turkish economy, and its position as a strategic international hub for business, trade and tourism." He added, "The project has been undertaken under the guidance of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defense, who is a firm believer in the importance of regional co-operation. His Highness has recently held talks with the Turkish Prime Minister Recep Tayyip Erdogan in which they discussed bilateral relations between Turkey and the UAE." Al Gergawi further said, "We are very pleased to announce this project, which we consider as a major step towards building stronger economic relations with Turkey and strengthens the cooperation necessary for the overall development of the region. The Dubai Towers - Istanbul project will offer tremendous economic, trade and tourism benefits and will further position Istanbul as one of the leading cities in the world for business, shopping and entertainment." It is worth noting that Dubai Holding, the mother company of Sama Dubai, has widespread presence in a number of sectors across Europe, North America, the Middle East and Southeast Asia. Over the last two years, the company had become involved in high scale international investments through its subsidiaries Dubai International Capital, Sama Dubai, and Dubai Investment Group, which included investments in Daimler Chrysler and The Tussauds Group. Farhan Faraidooni, Chief Executive Officer of Sama Dubai, said, "Apart from developing real estate, this project is set to contribute to the creation of jobs in the country. Turkey, on the crossroads of Europe and Asia, is a key market and one that is poised to take off in the coming months and years. " He added, "We are not just creating a high-rise in Istanbul, we are creating a unique mixed-use complex that will have Class A Office space, a luxury hotel, serviced and residential apartments, and a unique shopping boulevard." The Dubai Towers - Istanbul will cover an area on the city's Büyükdere Street in Levent region of Sisli on the European side of Istanbul. A team of renowned Turkish and international architectural, design and construction companies will be gathered to implement the project in keeping with Sama Dubai' total commitment to unique architecture and first class quality. "Sama Dubai will transfer its know-how and expertise in the development of large scale projects, but will draw extensively on local knowledge and advice to ensure that the city's planning and construction regulations are taken into full consideration. Our designers have come up with a stunning architecture, which literally gives the buildings a `twist'. We anticipate that the buildings will add another unique characteristic to the already stunning skyline of Istanbul," Faraidooni explained. Dubai Towers - Istanbul is the second Sama Dubai project with such a name. The first such project, Dubai Towers - Doha, was announced in Qatar at an estimated cost of $300 million. Additionally, the company has recently launched luxury resorts in both Oman and Morocco, with more projects in other parts of the world to be announced in the near future.