Emaar denies reports of $1bn project in Turkey

Dubai’s Emaar Properties has denied reports it is building a $1bn tourism and commercial project in Turkey’s Black Sea city of Trabzon.

Hotel and Rest cited Eastern Black Sea Development Agency (PJC) secretary general Cetin Oktay as saying Emaar would develop the project in the city, comprising a five-star hotel, commercial centre, residential tower, luxury gardens, swimming pools and a recreation field for horses.

However, the developer dismissed the report in a bourse filing today, saying it would keep the market informed if such an opportunity arises.

The project was expected to attract large numbers of foreign and local tourists when it opened in two years, according to the publication.

Earlier this month, Dubai’s Armada Group was linked to a $1bn development in the city.

The company’s chairman, Dr Mohammed Rahif Hakmi, reportedly visited Turkey last month with plans for a mixed-use marina project.

A Saudi group named Dorati Al Emaar is also planning to build an amusement park in the city, according to reports.