Dubai-based Deyaar Development, a leading real estate company, has signed an MoU with Turkey's Asçioglu Group, a major property firm, in a move to expand Deyaar’s presence in the wider Middle East region, a report said.

Under the agreement, the two companies will jointly develop master developments in both Turkey and the UAE, the Saudi Gazette report said.

The MoU will also help Asçioglu's engagement in Dubai's hospitality and real estate sectors, while enabling Deyaar to explore new opportunities in Turkey, according to the report.

"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,” Saeed Mohammed Al Qatami, chief executive officer at Deyaar Development was quoted as saying in the report.

Asçioglu is calling on investors in Turkey to leverage Deyaar's local industry expertise for exploring emerging investment opportunities in and around Dubai.