Dubai – Mubasher: Deyaar Development’s stock grew 2.67% to AED 0.691 by 11am UAE time on Sunday, on the Dubai Financial Market (DFM) following news of a partnership agreement with a Turkish firm.

Deyaar said it signed a memorandum of understanding (MoU) with Aşçıoğlu Group, a Turkish a prime developer with several real estate projects in Istanbul, according a bourse filing earlier today.

Inked by Deyaar’s CEO Saeed Mohammed Al Qatami and Aşçıoğlu’s Chairman Yaşar Aşçıoğlu, the MoU comes as part of Deyaar’s strategy to expand its presence in the wider Middle East region by allowing the two entities to jointly develop master developments in both Turkey and the UAE.

Turnover on Deyaar’s stock amounted to AED 7.9 million as 11.32 million shares were traded through 152 transactions.

In the meantime, the real estate sector grew 3.13% backed by all of its stocks, led by Emaar Properties which gained 3.53% and boosted the DFMGI to a rise of 2.12% to 3,724.77 points. Total turnover on the DFM reached AED 382.71 million after 277.768 million shares were traded.