DUBAI — Deyaar Development, a leading Dubai-based real estate development company, has signed a deal with Turkey's Asçioglu Group, a prime developer known for shaping significant real estate projects in Istanbul. The memorandum of understanding (MoU) articulates Deyaar's strategy to expand its presence in the wider Middle East region, said a statement. The partnership mandates the two entities to jointly develop master developments in both Turkey and the UAE, it said. More specifically, the exclusivity MoU will facilitate Asçioglu's engagement in Dubai's hospitality and real estate sectors, while enabling Deyaar to explore new opportunities in Turkey in partnership with one of the nation's pioneering brands in the real estate sector. Signed by Deyaar 's CEO Saeed Mohammed Al Qatami and Asçioglu's Chairman Yasar Asçioglu, the partnership mandates the two entities to jointly develop master developments in both Turkey and the UAE. Saeed Mohammed Al Qatami, chief executive officer, said: "We are excited to join hands with Turkey's leading group in the real estate sector as part of our strategy to expand our global footprint. Turkey presents appealing investment opportunities as a key destination in the emerging regional market. "As a leader in the UAE's real estate sector, Deyaar will continue to play an active role in focusing on high-quality real estate projects while maintaining its commitment to providing shareholder value and exceptional customer care." As an immediate outcome of the MoU, Asçioglu is calling on investors in Turkey to leverage Deyaar's local industry expertise for exploring emerging investment opportunities in and around Dubai. Yasar Asçioglu, chairman, said: "The group has to its credit almost five decades of experience in the Turkish market and has succeeding in delivering key projects across the country. "Our agreement with Deyaar is a natural fit as we are two leading companies with similar objectives, track records and values. We believe that by sharing expertise we can leverage our mutual strengths to assess and capture opportunities that open up in the near future." — Agencies
