Deyaar announces divestment in Turkey joint venture

Deyaar Development PJSC, today announced the sale of its 50 percent stake in a joint venture in Turkey, Alarko Deyaar Gayrimenkul Gelistirme AS, to the second party in the undertaking, Alsim Alarko, a subsidiary of Alarko Holding. The Dubai-based developer confirmed that the decision was a strategic move in a bid to shift its focus towards opportunities in Dubai. Accordingly, the proceeds will be reinvested in the developer's Dubai projects pipeline, the company said in a statement. Saeed Al Qatami, Chief Executive Officer, Deyaar Development PJSC, said, "The move to sell Deyaar's 50 percent interest is in line with our strategy to strengthen Deyaar's portfolio with high-value developments in accelerated markets such as Dubai. That said, we will continue to evaluate opportunities in new markets that have the potential to add value to our existing investment portfolio." Deyaar is well-positioned to play a pivotal role in the development of the region's property landscape. Its portfolio of property offerings and services has firmly consolidated the company's pioneering status in the industry.