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CORRECTED - Dubai ruler buys stake in Dubai's Damac- paper

Fri Dec 12, 2008 6:20am EST

(Corrects headline to say Damac is a company based in the United Arab Emirates, not in Turkey)

ANKARA, Dec 12 (Reuters) - Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum has bought a 40 percent stake in private developer Damac Properties that plans to invest $6 billion in a Turkish coastal project, Vatan daily said on Friday.

The project includes construction of hotels, houses, shopping malls and marinas on the southwest coast of Turkey, which attracts millions of tourists every summer.

"Dubai's Sheikh al-Maktoum will gain a right in the project by buying 40 percent in the group," Cenk Fis Unlucerci, a an official at Debba, a subsidiary of Damac Properties in Turkey, was quoted as telling Vatan newspaper.

Damac Properties has purchased land worth $500 million in the region, the newspaper said. The first stage of the project is planned to start next year and finish in 2011.

Damac officials were not immediately available for comment.

In 2007 Dubai Holding's property unit Sama Dubai made a winning bid of $705 million in a tender competition for key land in Istanbul's thriving business centre, but the project has been delayed by a court challenge. (Editing by David Cowell)



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