Arab Today, arab today dubai’s icd brookfield to launch 1bn real estate fund
Last Updated : GMT 11:30:55
Arab Today, arab today
Arab Today, arab today

Dubai’s ICD, Brookfield to launch $1bn real estate fund

Arab Today, arab today

Arab Today, arab today Dubai’s ICD, Brookfield to launch $1bn real estate fund

Dubai - Arabstoday

Investment Corporation of Dubai (ICD), a state-controlled company, and Canada’s Brookfield Asset Management plan to start a $1bn fund to buy up assets in Dubai\'s battered real estate market. The fund will be jointly backed by the two companies, which will each seed the fund with $100m, the Dubai Media Office said in an emailed statement on Wednesday. The fund will be capped at $1bn. The pair will anchor the fund, with a limited number of local and international parties invited to invest in the scheme, the statement said. “The investment strategy of the fund will target opportunities currently available in the Dubai real estate sector, with a focus on a wide class of assets in both freehold and non-freehold areas,” the statement said. “The fund will have a life of 8 to 10 years.” Mohammed Ibrahim Al Shaibani, CEO of ICD, said the company was “looking forward to participating in the recovery of the Dubai real estate market.” “This venture with Brookfield is the first \'Dubai-only\' investment fund that is sponsored by a leading international investor,” he said. ICD holds about $70bn in assets and its portfolio includes airline Emirates and stakes in Dubai\'s largest bank, Emirates NBD, developer Emaar Properties and Borse Dubai. Brookfields, a global asset manager with interests in property and infrastructure, plans to relocate employees to Dubai to oversee the fund, alongside “qualified UAE nationals”, the statement said. The company has 2,000 staff in Dubai through its construction arm, Brookfield Multiplex. Sheikh Ahmed bin Saeed al-Maktoum, chairman of Dubai\'s Supreme Fiscal Committee, said the signing was “another big step” in the Gulf emirate’s economic growth. “It once more affirms Dubai\'s attractiveness as a premier investment destination in this region,” he said. Property prices in Dubai soared after the city opened its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments. From start-2007 to mid-2008, prices rallied almost 80 percent, Morgan Stanley estimates showed, with billions of dollars worth of new projects launched by local developers. But home prices in Dubai, the Gulf property market that had the biggest reversal because of the financial crisis, fell more than 60 percent in the wake of the global credit crunch. House prices in Dubai showed signs of recovery in the third quarter, with slight rises in prime projects such as Palm Jumeirah and Arabian Ranches, Jones Lang LaSalle said in September. But analysts remain concerned that the estimated 33,000 new homes scheduled to hit Dubai’s market by end-2012 could cause fresh declines in rental and sale prices. Rating agency Moody\'s said this week that house prices are unlikely to recover until 2016. Dubai has unveiled a slate of government-backed financing schemes aimed at resuscitating its property market. The emirate’s Land Department last month signed a deal to identify suspended or offplan residential developments and offer them for sale or long-term lease to investors. In May, the agency unveiled a scheme to offer low-interest bank loans to developers with partially-constructed projects.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai’s icd brookfield to launch 1bn real estate fund Arab Today, arab today dubai’s icd brookfield to launch 1bn real estate fund

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai’s icd brookfield to launch 1bn real estate fund Arab Today, arab today dubai’s icd brookfield to launch 1bn real estate fund

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday