Deyaar Announces Divestment in Turkey Joint Venture

• 50% Interest in Alarko Deyaar Gayrimenkul Gelistirme Transferred to Remaining Shareholder
• Strategic Move Frees up Funds to be reinvested in Developer's Dubai Projects Pipeline

Dubai-UAE: 15 January, 2014 - Deyaar Development PJSC (Deyaar), a customer-focused, trusted and valued developer with in-depth market intelligence and property management expertise, today announced the sale of its 50 per cent stake in a joint venture (JV) in Turkey,  Alarko Deyaar Gayrimenkul Gelistirme A S, 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. According the proceeds will be reinvested in the developer's Dubai projects pipeline.

Saeed Al Qatami, Chief Executive Officer, Deyaar Development PJSC, said: “The move to sell Deyaar's 50 per cent interest in Alarko Deyaar 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 unrivalled portfolio of property offerings and services has firmly consolidated the company's pioneering status in the industry.