Dubai’s Meraas, Brookfield create Dhs5bn retail joint venture

Dubai developer Meraas Holding has signed a partnership with Brookfield Asset Management to jointly own and operate a retail-focused real estate platform in the UAE.

Valued at approximately Dhs5bn, the joint venture will own and operate the portfolio of Meraas retail assets, including The Beach, City Walk and La Mer.

It will also explore growth opportunities in the retail sector across the GCC region, a statement said.

The transaction represents a “significant investment” in the region for global alternative asset manager Brookfield and its debut investment in the retail sector, it added.

Brian Kingston, CEO of Brookfield Property Group, said: “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.”

Meraas Group chairman Abdulla Al Habbai said the move was aimed at making Dubai “the world’s leading investment destination while driving differentiation and innovation in the retail sector.”

The UAE’s retail sector is booming and is estimated to see a compound annual growth rate of 5.1 per cent from 2018-2023, according to Alpen Capital.