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Canada’s Brookfield Asset Management and Dubai’s Meraas Holding have agreed to form a joint venture valued at five billion dirham ($1.8-billion) to own and operate Meraas’s retail assets.

The assets include Dubai retail sites the Beach, City Walk and La Mer, Meraas said in a statement on Sunday.

The statement did not disclose how much each party held in the joint venture. The assets were previously owned by Meraas, which says its portfolio includes more than 1,400 retail units.

Dubai, a major shopping destination for Middle East and South Asian travellers, has seen its retail sector suffer in recent years.

A strong U.S. dollar, the introduction of a 5-per-cent value-added tax and weaker consumer confidence have dented retail appetite, analysts say.

“We believe in the future of the Dubai real estate market and look forward to working together with Meraas to create the leading retail player in the regional market,” Brookfield Property Group chief executive Brian Kingston said in the statement.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
BAM-T
Brookfield Asset Management Ltd
+0.34%56.9

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