Brookfield Asset Management is expanding its presence in the Gulf real estate market through a new joint venture in Dubai, partnering with consumer conglomerate Alshaya Group to develop a large mixed-use project in the Dubai Hills district, according to a report by Bloomberg.
The development will span around 480,000 square feet and include Grade A office space, build-to-rent residential units and retail components. Brookfield Properties will act as development and asset manager for the project, marking a significant new investment in the region.
The move comes as Dubai’s property market faces renewed uncertainty linked to regional geopolitical tensions, including the ongoing Iran conflict. While the city experienced a surge in demand from expatriates and global investors in recent years, market conditions have recently softened, with early signs of price declines after a post-pandemic boom.
Despite these headwinds, Brookfield said the investment reflects confidence in the long-term fundamentals of the UAE’s real estate sector. The firm remains one of the most active global institutional investors in the Middle East and has continued to pursue opportunities across infrastructure and property markets in the region.
Brookfield has previously developed major assets in Dubai, including ICD Brookfield Place and luxury residential projects such as Solaya. The firm has also been exploring additional regional investments, including infrastructure-related opportunities in the Gulf.
