UPDATE 1-Dubai's Emaar signs $500 mln Turkey real estate loan
* Consortium of banks include HSBC, Stan Chartered and ENBD
* Facility to run for seven years
* Emaar Square in Turkey to host largest mall (Adds details, background)
DUBAI, Dec 19 (Reuters) - Emaar Properties signed a $500 million loan to finance its project in Turkey, as a gradual recovery in Dubai's battered property market helps the developer revisit stalled developments and international growth plans.
The loan facility, which runs for seven years, was provided by a consortium of banks, including Emirates NBD, HSBC and Standard Chartered, Emaar said in a statement on Wednesday.
The Turkish development, called Emaar Square, will host residential and commercial real estate as well as Turkey's largest shopping mall, the statement added.
"With the current positive growth outlook of Emaar in all its key markets, we are exploring new opportunities to strengthen our project portfolio and create long-term value for our stakeholders," Mohamed Alabbar, chairman of Emaar Properties, said in the statement.
The builder of the world's tallest tower, the Burj Khalifa, has announced a series of new projects and restarted stalled developments this year as sentiment in Dubai's battered property market turned positive.
It has also looked to shift focus to retail projects and developments outside its home base of Dubai, where property prices plunged by over 60 percent from the 2008 peak.
The developer recently announced plans to set up a new joint venture with the Iraqi government to develop housing in the war-torn country.
It also plans to build a retail and entertainment complex in Egypt.
Emaar Properties and an arm of Dubai Holding, the ruler's conglomerate, also launched the first project in the planned multi-billion dollar Mohammed Bin Rashid (MBR) City development earlier this month. (Reporting by David French and Praveen Menon; Editing by Andrew Torchia and Louise Heavens)
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