Emaar Properties PJSC (EMAAR), which is the developer of Burj Khalifa, the world's tallest building in Dubai, is going to come up with a new venture in Turkey.

The company has announced that it has got a loan of $500 million from three different organizations. The three organizations from which the developer has taken loan are Standard Chartered Plc (STAN), Emirates NBD Capital Ltd and HSBC Holdings Plc (HSBA).

The developer said that they are going to come up with a mix use project in Istanbul by using the loan money. By using the seven-year loan, the developer is going to build the biggest shopping mall, five star hotel, offices and luxury homes that Turkey ever had. It is the second time that EMMR is going to come up with such a kind of venture in Turkey.

Chairman Mohamed Alabbarsaid said, "Turkey is one of our key markets, where we have successfully handed over homes in the first phase of our first integrated community, Tuscan Valley".

Alabbarsaid further affirmed that for now, they have been focusing on key markets in which Dubai is also in the list. After coming across the news, shares of EMAAR were found to rise by 0.5%.