- Middle East
- Meraas and Brookfield enter into strategic partnership in Dubai-based retail joint venture
Meraas And Brookfield Enter Into Strategic Partnership In Dubai-based Retail Joint Venture
Sumaira FH 28 days ago Sun 22nd September 2019 | 06:45 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 22nd Sep, 2019) Meraas Holding has entered into a long-term strategic partnership with Brookfield Asset Management 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.
This transaction represents a significant investment in the region for Brookfield, and its debut investment in the retail sector.
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 shall further benefit from Brookfield’s global insights and best-in-class retail operating models to drive efficiencies and synergies.
Looking forward, 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.
"We are delighted to form this partnership with a leading asset manager, such as Brookfield. We hope this is the start of a fruitful relationship that will contribute to delivering on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the world’s leading investment destination, whilst driving differentiation and innovation in the retail sector," said Meraas Group Chairman Abdulla Al Habbai.
Brian Kingston, CEO of Brookfield Property Group, added, "The high-quality lifestyle assets of Meraas, combined with Brookfield’s global relationships and execution capabilities, will create a best-in-class portfolio for tenants. We believe in the future of the Dubai real estate market and look forward to working with Meraas to create the leading retail player in the regional market, while also exploring value creation opportunities throughout the assets."
The partnership is a notable success for the emirate, in connection with Dubai’s Strategic Vision Plan 2021 and associated government initiatives aimed at promoting Dubai as a global business hub that attracts foreign direct investment.