Meraas Holding plans to set up a joint venture (JV) with Canada’s Brookfield Asset Management to operate a retail-focused real estate platform in the UAE.

The JV is valued at approximately AED 5bn (US$1.4bn) will own and operate a diversified portfolio of Meraas retail assets, including The Beach, City Walk and La Mer and serve as a dedicated platform to explore growth opportunities in the retail sector across the UAE and the broader region, according to a statement released here today.

Talking about the joint venture, Meraas Group Chairman, His Excellency Abdulla Al Habbai said that they were delighted on this development and hoped that this would be the start of a fruitful partnership with Brookfield, that “will contribute to delivering on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the world’s leading investment destination whilst driving differentiation and innovation in the retail sector.”

Also speaking on the occasion, Brian Kingston, Chief Executive Officer of Brookfield Property Group, said, “Meraas’ high quality lifestyle assets 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 together with Meraas to create the leading retail player in the regional market while also exploring value creation opportunities throughout the assets.”

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This is a significant investment for Brookfield in the region and maiden retail sector investment and with Meeras coming on board as partner, the JV hopes to leverage the Dubai-based conglomerate’s regional brand value and its expertise in lifestyle-focused mixed-used developments and will help cement Dubai’s position as a much sought after retail and global investment destination.