Dubai-based Deyaar Development and Turkey’s Ascioglu Group have signed a Memorandum of Understanding (MoU) in order to develop major real estate projects in the region.

The MoU will see the two firms press ahead with developments in both the UAE and Turkey, according to a Deyaar company statement.

In 2014, Deyaar expanded its development portfolio beyond commercial and residential properties to include a portfolio of hospitality projects such as the Atria and Montrose in Dubai.

In March, MEED reported that Deyaar had awarded Dubai-based contractor Al-Rostamani Pegel the construction contract for work on the luxury mixed-use, twin-tower, development in Dubai.

The Atria, located in the Business Bay area, will be built over an area of 366,000 square feet and will comprise a mixture of serviced apartments and residential units. The serviced apartment tower will feature studios, one, two and three bedroom apartments and three-bedroom duplex units across a 30-floor complex.

The company also announced that it is currently working on gaining the necessary approvals for a AED3.5bn new development in Dubai called Midtown.