Dubai pays USD1b to build DIFC development

04 Mar 2015

(MENAFN) Dubai’s sovereign wealth fund plans to build USD1 billion development in the heart of the emirate’s of the financial district, Arabian Business reported.

The scheme will be the first new construction project there since the property crash in 2008, and the first by a joint venture between Investment Corporation of Dubai (ICD) and Canadian asset manager Brookfield.

ICD Brookfield Place will comprise a 50-storey office tower, hotel and retail outlets next to the Dubai International Financial Center (DIFC). The first tenants are expected in 2018.

The ICD has helped DIFC in the past buying some of its assets ahead of a refinancing in 2012 that put the financial center on a stronger footing.

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