Each organisation – the ICD is the investment arm of the government of Dubai – will seed it with $100m and the fund will eventually be capped at $1bn, should it become necessary, within a term of eight to ten years. As an investment universe it will target Dubai real estate and Brookfield and the ICD will encourage local, regional and international investors to invest with them.
Commenting on the proposed launch, His Highness Sheikh Ahmed bin Saeed Al Maktoum, a board Member of ICD said: "We see this agreement as another big step in our next phase of growth. It once more affirms Dubai’s attractiveness as a premier investment destination in this region."
Brookfield is a US-based global asset manager specialising in owning, operating and building real estate. The firm will relocate senior managers to Dubai to work alongside UA nationals to manage the fund.
Bruce Flatt, chief executive officer of Brookfield, said, " We are witnessing a number of encouraging signs, in particular the arrival of long-term capital to the sector, which traditionally marks the early signs of recovery in real estate markets.”