The Dubai-based real estate mogul Deyaar has announced signing a memorandum of Understanding with Turkey’s Ascioglu, a development company in Istanbul.
The signing as a step towards Deyaar’s expansion in the Middle East area. The new agreement mandates the two entities to jointly develop master projects in both UAE and Turkey.
The memorandum will enable Ascioglu to engage in Dubai’s hospitality sector and will give Deyaar the chance to fetch for new investment opportunities in Turkey.
The chairman of Ascioglu said that the company has more than 5 decades of experience in the Turkish market and was able to deliver key projects in the country. The company is known for the residential and commercial skyscrapers in downtown Istanbul including the Selenium Twin Towers.
Ascioglu, as a result of the agreement, has called Turkish investors to look for new investment opportunities in the emerging market of Dubai.