Agreement Set to Add Value to Real Estate Landscape in Turkey and UAE

Dubai-UAE: 29 August, 2015 - Deyaar Development PJSC, a leading real estate development company headquartered in Dubai, has signed a Memorandum of Understanding (MoU) with Turkey's Aşçıoğlu Group, a prime developer known for shaping significant real estate projects in Istanbul. The MoU articulates Deyaar's strategy to expand its presence in the wider Middle East region.

Signed by Deyaar's CEO Saeed Mohammed Al Qatami and Aşçıoğlu's Chairman Yaşar Aşçıoğlu, the partnership mandates the two entities to jointly develop master developments in both Turkey and the UAE. More specifically, the exclusivity MoU will facilitate Aşçıoğlu's engagement in Dubai's hospitality and real estate sectors, while enabling Deyaar to explore new opportunities in the Republic of Turkey in partnership with one of the nation's pioneering brands in the real estate sector.

Commenting on the MoU, Saeed Mohammed Al Qatami, CEO of Deyaar, 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, the Aşçıoğlu Group is calling on investors in Turkey to leverage Deyaar's local industry expertise for exploring emerging investment opportunities in and around Dubai.

Yaşar Aşçıoğlu, Chairman of Aşçıoğlu Group 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."

Since its establishment in 1967, the Aşçıoğlu Group has shaped a large portfolio of residential units with their prestigious brand ''SELENIUM''. Aşçıoğlu is known with the residential and commercial skyscrapers they built in downtown Istanbul including landmark 'Selenium Twins Towers'. The Group currently developing 130.000 sqm mixed use projects which are under construction.  With a large local and foreign investor portfolio, Aşçıoğlu also holds the distinction of being the first among its competitors in Turkey to be established as a creative force behind many of the latest technological developments in the nation.

Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The company's unrivalled portfolio of property offerings and services continues to consolidate its leadership status in the region's real estate sector.

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About Deyaar: 
Deyaar Development PJSC is a leading real estate developer and real estate services company, headquartered in Dubai. Since its establishment in 2002, the company has registered exponential growth to become an industry leader in the region, with a share capital of AED5.78 billion.

Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. The company's in-depth market intelligence, world-class services and unrivalled property management support for communities across diverse portfolios have firmly consolidated its pioneering status in the region's real estate landscape.

Combining excellence with a vision to create natural living environments while placing customers at the core of its strategies, Deyaar additionally serves as a one-stop real estate solutions provider. Under this profile, its scope includes the delivery of end-to-end property development and property management services, overseeing over 20,000 property units across the UAE. Deyaar also provides facility management services for its portfolio of more than 18,000 commercial and residential units. The company additionally spearheads an association management team to ensure the wellbeing of Deyaar's homeowners as a key priority.

Deyaar complies with the escrow legislation and relevant property laws in the UAE and is registered with the Real Estate Regulatory Authority under reference number 15/07.

For further information, please contact:
Mathilda Saad
APCO Worldwide
Tel: +971 4 361 3879
Mobile: +971 55 6999 890
Email: msaad@apcoworldwide.com

© Press Release 2015