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FINANCIAL NEWS
ICD-Brookfield property fund to start investments in Dubai by end of 2013
12 May 2013
(MENAFN) Investment Corporation of Dubai (ICD)-Brookfield real estate fund’s manager, Douglas Kirkman, announced that the USD500 million fund will launch investments in the emirate’s property sector by the end of 2013, reported Emirates 24/7.
Kirkman, who is also the CEO of ICD-Brookfield Management Limited, added that the fund will focus on development opportunities in Dubai.
He said that at the current time, the fund is handling the license at the Dubai International Financial Center (DIFC).
In last year’s April, the fund joined Dubai Land Department’s Tanmia initiative, which was introduced in September 2011 to revitalize the realty market through focusing on the unfinished projects under all categories.
It is worth noting that Brookfield Asset Management is a global alternative asset manager with more than USD175 billion in assets under management, while ICD is the investment arm of the government of Dubai and has stakes in more than 30 firms.
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