Brookfield and Alshaya Group announced a joint venture to develop a 480,000-square-foot mixed-use project in Dubai Hills, featuring office, retail, and build-to-rent residential space.
The development will include Grade A office space, residential rental units, and retail offerings designed to support demand for integrated lifestyle-oriented environments in Dubai’s growing mixed-use districts.
As part of the project, Alshaya Group plans to establish its new UAE regional office within the development and will also operate retail space featuring several of its consumer brands.
The project site is located near Dubai Hills Mall, King’s College Hospital, Dubai Hills Golf Club, and surrounding residential communities. The companies said the location positions the development within one of Dubai’s fastest-growing districts.
Brookfield Properties will act as development and real estate manager for the joint venture, overseeing project execution and operations using its global development platform and regional real estate experience.
Brookfield currently manages approximately $16 billion in assets across the Middle East spanning private equity, real estate, and infrastructure investments. The company also owns and operates office and retail assets across the United Arab Emirates.
Alshaya Group opened its first UAE store in 1985 and now operates more than 700 stores in the country, recently launching Primark and Ulta Beauty locations in Dubai.
KEY QUOTES:
“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.”
John Hadden, CEO, Alshaya Group
“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.”
Jad Ellawn, Managing Partner And Regional Head, Middle East, Brookfield
