Meraas and Brookfield to create Dubai-based retail joint venture.

Meraas Holding, a provider of real estate and retail services has entered into a long-term strategic partnership with Brookfield Assets Management, a unit of Brookfield 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. The joint venture valued at approximately AED5bn ($1.4bn). The partnership aims to leverage Meraas’ regional brand recognition and experience in curating lifestyle-focused mixed-used developments 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. The joint venture 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.