A joint venture of Kuwaiti developer Al-Mayaza and Turkish firm Dumankaya has announced a AED1.2bn ($326m) residential and mixed-use project in Istanbul.

The project, which will be made up of six towers, will comprise residential, retail and commercial units, including a shopping mall.

The 39,000-square-metre development, called Ritim Istanbul, is the product of an agreement signed between the two firms in June last year.

The development will comprise 863 residential units, 363 office units and 147 retail outlets across the six towers.

In May 2012, Turkish authorities liberalised foreign property ownership laws, and as a result, GCC investors have found it a favourable market.

In September last year, Abu Dhabi’s Rotana partnered with local developer Maryapi to build a 30-storey hotel, apartment and office tower in Istanbul.