Dubai: The Dubai Government owned master-developer Meraas has struck an alliance with Brookfield Asset Management to jointly own and operate retail destinations in the UAE and elsewhere in the Gulf. Brookfield is one of the biggest names globally in fund management, with interests spanning continents. It has $385 billion in assets.
The joint venture - valued at Dh5 billion - will also cover existing real estate assets such as The Beach, City Walk, and La Mer. “We hope this is the start of a fruitful relationship… and make Dubai the world’s leading investment destination whilst driving differentiation and innovation in the retail sector,” said Abdulla Al Habbai, Chairman of Meraas. Meraas has been one of the most active developers in terms of new launches this year, including the City Walk expansion, further additions at La Mer in Jumeirah, and more recently, with the launch of Cherrywoods villas and townhouses on Al Qudra Road.
Brookfield is one of the leading players in the retail real estate space, operating 168 locations together covering more than 152 million square feet of gross leasable area.