Dubai’s Deyaar Development has signed a memorandum of understanding (MoU) with Turkish developer Ascioglu Group, as part of a strategy to expand its footprint in the Middle East.

According to a statement by Deyaar, the partnership will see the two companies jointly develop projects in the UAE and Turkey.

The agreement will also facilitate Ascioglu’s involvement in Dubai’s real estate and hospitality sectors, while enabling Deyaar to explore new opportunities in Turkey.

“As an immediate outcome of the MoU, the Ascioglu Group is calling on investors in Turkey to leverage Deyaar’s local industry expertise for exploring emerging investment opportunities in and around Dubai,” the statement said.

Established in 1967, the Ascioglu Group has delivered a large portfolio of residential units under their brand Selenium, such as the Selenium Twin Towers in downtown Istanbul. The group currently has 130,000 sqm of mixed use projects under construction.

“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,” said Saeed Mohammed Al Qatami, CEO of Deyaar.

“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.”