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FINANCIAL NEWS
Dubai’s ICD, Brookfield plan USD1b real estate fund
27 Oct 2011
(MENAFN) Investment Corporation of Dubai (ICD) announced plans to launch a USD1 billion fund with Canada’s Brookfield Asset Management, Arabian Business reported.
The joint fund is aimed at buying assets to stimulate recovery for Dubai’s troubled real estate market.
The state Media office said that each company will inject USD100 million in the fund, which will be capped at USD1 billion.
Both companies will invite a limited number of local and international parties to invest in the scheme, which will have a life of eight to ten years, according to the statement.
House prices in Dubai hiked after opening its real estate sector to foreign investors in 2002, granting them freehold ownership rights at many developments.
However, Dubai’s realty bubble burst at the wake of global economic woes and a debt crisis at home, which led to many projects being put on hold or cancelled while house prices declined 60 percent from their 2008 peaks.
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