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Canada’s Brookfield sets up JV with Dubai’s Meraas

Will explore retail opportunities across the UAE and the Gulf region

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Canada-based Brookfield Asset Management, one of the world’s largest investors in real estate, has entered into a long-term strategic partnership with Dubai-based Meraas Holding to jointly own and operate a retail-focused real estate platform in the UAE, with a mandate to explore growth opportunities in the retail sector across the GCC region.

The transaction represents a significant investment in the region for Brookfield, and its debut investment in the retail sector. Meraas is recognized as Dubai’s premier developer and operator of lifestyle destinations.

The partnership aims to leverage the regional brand recognition of Meraas and its experience in developing lifestyle-focused mixed-used projects, together with Brookfield’s deep retail experience and extensive global relationships with brand partners and retailers. The platform will further benefit from Brookfield’s global insights and best-in-class retail operating models to drive efficiencies and synergies.

The joint venture will seek to leverage its platform capabilities to source and execute retail-orientated opportunities across the region, including expansion into high growth markets.

The partnership is a notable success for Dubai, in the context of its Strategic Vision Plan 2021 and associated government initiatives aimed at promoting the city as a global business hub that attracts foreign direct investment.

Also read:

Dubai Plan 2021: Charting the future of Dubai

Source

WAM