Brookfield, a leading global investment firm with more than $1 trillion in assets under management, has joined hands with Alshaya Group to develop a 480,000-sq-ft mixed-use asset in the heart of Dubai Hills.
The development will feature Grade A office spaces, build-to-rent residential, and retail offerings. Upon completion, Alshaya Group will also establish its new UAE office on the premises and include retail space showcasing some of Alshaya’s leading brands.
The project caters to the growing demand for lifestyle-oriented mixed-use environments in one of Dubai’s most dynamic districts. The site benefits from a prime location near Dubai Hills Mall, King’s College Hospital, the Dubai Hills Golf Club, and established residential neighbourhoods, making it a focal point in the community.
On the new venture, CEO John Hadden said: "We are excited to announce the joint venture with Brookfield, as we continue to build our presence in the UAE with a new Regional Office in Dubai Hills, which will provide a fantastic environment for our colleagues and allow us to showcase our brands. Since our first store over 40 years ago, we remain committed to the UAE and look forward to developing this impressive, high-quality project providing retail, office and residential spaces with such a renowned name in the industry."
Jad Ellawn, Managing Partner and Regional Head, Middle East, Brookfield, said: “Our partnership with Alshaya reflects our conviction in the long-term fundamentals of the region and the opportunity to deploy our development and operating expertise to create high-quality real estate. With Dubai’s dynamic growth, evolving demographics, and increasing demand for integrated living and working environments, this project capitalizes and delivers on this opportunity.”
Brookfield Properties will serve as development and real estate manager for the JV, leveraging its global development expertise and deep operational capabilities.
Brookfield has a long-established presence in the region, managing approximately $16 billion in assets across private equity, real estate, and infrastructure. One of the world’s largest real estate owners and operators, Brookfield has built a high-quality portfolio of office and retail assets across the UAE which also include some of Dubai’s most prominent lifestyle destinations. This project reflects its continued commitment to investing in the region’s long-term growth.
Alshaya Group opened its first store in UAE in 1985 and now has over 700, recently introducing Primark and Ulta Beauty to Dubai in recent weeks.-TradeArabia News Service
