Brookfield and Alshaya launch Dubai Hills project

Canadian investment fund Brookfield and Kuwait’s Alshaya Group have agreed to set up a real estate joint venture that will develop a 480,000-square-foot mixed-use commercial asset in Dubai Hills, offering offices, residential units and shops.

Upon completion, Alshaya Group will establish its new UAE office on the premises and include retail space showcasing some of its brands, it said in a statement. 

John Hadden, CEO at Alshaya Group, said the company continues to build its presence in the UAE.

Alshaya Group opened its first store in the UAE in 1985 and now has over 700, recently adding Primark and Ulta Beauty to Dubai. It operates 70 brands in 4,000 stores across 18 countries. This includes the franchise for Starbucks, with 2,000 stores in 17 countries.

Brookfield Properties will serve as the development and real estate manager for the joint venture.

“Our partnership with Alshaya reflects our conviction in the long-term fundamentals of the region,” said Jad Ellawn, managing partner and regional head for the Middle East at Brookfield.

The project cost and construction timeline were not disclosed.

Dubai Hills is a masterplanned joint venture between Emaar Properties and Meraas Holding in Mohammed Bin Rashid City.

In April 2024, sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation sold a 49 percent stake in ICD Brookfield Place, the emirate’s largest office tower.

In May 2025, Brookfield and Abu Dhabi alternative investment manager Lunate agreed to set up a $1 billion Middle East real estate joint venture to develop “high-quality build-to-sell and opportunistic buy-to-sell residential assets”.

A month later, the Canadian company was said to be in talks to acquire a five-star property on Dubai’s Palm Jumeirah.

Brookfield manages $16 billion in assets across private equity, real estate and infrastructure.

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