Dubai-based property developer Deyaar Development on Wednesday announced sale of its 50 per cent stake in a joint venture in Turkey, Alarko Deyaar Gayrimenkul Gelistirme AS, to Alsim Alarko, a subsidiary of Alarko Holding.
The Dubai 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.
Saeed Al Qatami, Chief Executive Officer, Deyaar Development, said: “The move to sell Deyaar’s 50 per cent interest in Alarko Deyaar is in line with our strategy to strengthen 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.”
Firm said it is well-positioned to play a pivotal role in the development of the region's property landscape. Its unrivalled portfolio of property offerings and services has firmly consolidated the company’s pioneering status in the industry.