Dubai-based Meraas Holding has entered an AED 5 bn joint venture (JV) with Canada’s Brookfield Asset Management to jointly own and operate the latter developer’s retail assets across the GCC region, Invest-Gate reports.

Under the long-term agreement, which “represents a significant investment in the region,” Brookfield will invest in Meraas assets, employing more than 120 years of experience and a strong reputation as one of the world’s leading business center investors, according to the company’s statement on September 22.

“The partnership will help reinforce Dubai as a premium retail destination and is yet another signal of confidence in its future prospects by the global investment community,” read the statement.

The deal also “aims to leverage Meraas’ regional brand recognition and experience in curating lifestyle-focused mixed-used developments.” It will cover the Dubai-based company’s existing property assets such as The Beach, City Walk, and La Mer, among its vast portfolio of over 1,400 retail units, where Brookfield will incorporate top-notch retail operating models to drive efficiencies and synergies.

“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 Dubai’s 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,” CEO of Brookfield Property Group Brian Kingston was quoted as saying.