Dubai: Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, and Brookfield Asset Management Inc., a leading global alternative asset manager focused on property, renewable power and infrastructure assets with approximately $150 billion (Dh550.5 billion) of assets under management, on Wednesday signed a memorandum of understanding to set up the fund, with each seeding the fund with $100 million.
The fund intends to invite capital from a local, regional and international investors, according to a press release distributed on Wednesday by the Dubai Government Media Office. It is intended that the fund's final size will be capped at $1 billion.
Commenting on the MoU, His Highness Shaikh Ahmad Bin Saeed Al Maktoum, Chairman the Government of Dubai's Supreme Fiscal Committee, Board Member of ICD and Chairman of Emirates NBD PJSC and the Emirates Group said: "We see this agreement as another big step in our next phase of growth. It once more affirms Dubai's attractiveness as a premier investment destination in this region."
