Emaar Properties, the largest Arab developer by market value, said its Turkish unit had agreed to buy land in Istanbul worth $400 million.

Emaar Turkey would build a residential, commercial and tourism project on the 73,571 sq m plot of land located in the centre of the Turkish capital, Emaar said in a statement.

Emaar, which operates in 36 countries, is already building a $700 million project in Turkey called Tuscan Valley Houses, including 555 luxury villas, in Buyukcekmece, located near Istanbul.

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