Key Takeaways
- • Brookfield and Alshaya Group launched a joint venture to develop a 480,000-square-foot mixed-use project in Dubai Hills, combining Grade A office space, build-to-rent residential units, and retail offerings.
- • Alshaya Group will relocate its UAE regional headquarters to the development and operate retail space featuring several of its consumer brands, including recently launched Primark and Ulta Beauty locations in the emirate.
- • Brookfield Properties will serve as development and real estate manager, leveraging its $16 billion in Middle East assets and established UAE real estate operations to execute the project.
- • The development site's strategic location near Dubai Hills Mall, King's College Hospital, Dubai Hills Golf Club, and surrounding residential communities positions it within one of Dubai's fastest-growing mixed-use districts.
- • The joint venture reflects institutional capital's continued confidence in Dubai real estate and integrated lifestyle-oriented environments despite regional geopolitical considerations.
Summary
Brookfield and Alshaya Group have announced a joint venture to develop a 480,000-square-foot mixed-use asset in Dubai Hills, combining office, residential, and retail components in a single integrated destination. The project represents a significant capital commitment to Dubai's real estate market and underscores institutional investor appetite for mixed-use developments in high-growth Gulf Cooperation Council markets.
The development will feature Class A office space designed to meet institutional tenant requirements, build-to-rent residential units targeting the emirate's growing demand for rental housing, and retail offerings anchored by Alshaya Group's portfolio of consumer brands. Alshaya Group will establish its new UAE regional headquarters within the development, consolidating operations and using the project as a showcase for its retail brands across the Middle East.
Alshaya Group, which opened its first UAE store in 1985, currently operates over 700 locations across the country. The company has expanded its retail footprint significantly, recently introducing Primark and Ulta Beauty to the Dubai market. By relocating its regional office to the Dubai Hills project, Alshaya gains both operational efficiency and a branded presence within a high-profile development.
Brookfield Properties will assume responsibility for project development and ongoing real estate management, drawing on its extensive regional platform. Brookfield currently manages approximately $16 billion in Middle East assets spanning private equity, real estate, and infrastructure across the region, with established ownership and operational positions in UAE office and retail properties. The company's development platform and regional expertise position it to execute the project efficiently while meeting institutional standards for asset management and capital deployment.
The development's location within Dubai Hills—proximate to Dubai Hills Mall, King's College Hospital, Dubai Hills Golf Club, and established residential communities—provides immediate access to complementary amenities and a stable residential customer base. Market positioning within one of Dubai's fastest-growing mixed-use districts supports long-term asset value and operational performance for both office and retail components.
The development will feature Class A office space designed to meet institutional tenant requirements, build-to-rent residential units targeting the emirate's growing demand for rental housing, and retail offerings anchored by Alshaya Group's portfolio of consumer brands. Alshaya Group will establish its new UAE regional headquarters within the development, consolidating operations and using the project as a showcase for its retail brands across the Middle East.
Alshaya Group, which opened its first UAE store in 1985, currently operates over 700 locations across the country. The company has expanded its retail footprint significantly, recently introducing Primark and Ulta Beauty to the Dubai market. By relocating its regional office to the Dubai Hills project, Alshaya gains both operational efficiency and a branded presence within a high-profile development.
Brookfield Properties will assume responsibility for project development and ongoing real estate management, drawing on its extensive regional platform. Brookfield currently manages approximately $16 billion in Middle East assets spanning private equity, real estate, and infrastructure across the region, with established ownership and operational positions in UAE office and retail properties. The company's development platform and regional expertise position it to execute the project efficiently while meeting institutional standards for asset management and capital deployment.
The development's location within Dubai Hills—proximate to Dubai Hills Mall, King's College Hospital, Dubai Hills Golf Club, and established residential communities—provides immediate access to complementary amenities and a stable residential customer base. Market positioning within one of Dubai's fastest-growing mixed-use districts supports long-term asset value and operational performance for both office and retail components.
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