- Home
- Middle East
- UAE
- 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 Published September 22, 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.
Meraas is recognised as Dubai’s premier developer and operator of lifestyle destinations, while Brookfield is one of the world’s largest investors in real estate.
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.
Recent Stories
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
Hoopo Inc. Collaborates with SAU to Install Solar-Powered RO Plant
04 killed in Spain as Storm Nelson looms
Russian military jet crashes into sea off Crimea: Governor
Rain-windstorm/thunderstorm likely at various parts of country
Implementation of Sindh Agriculture Workers Act-2019 demanded
Pandemic accord talks heading for extra time
Khawaja reiterates PM commitment to judiciary
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
2 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
5 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
5 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
5 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
5 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
5 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
5 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
5 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
5 months ago -
SIBF turns spotlight on remarkable contributions of women
5 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
5 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
5 months ago