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Brookfield Asset creates 5B-dirham retail JV with Dubai's Meraas Holding

Canada's Brookfield Asset Management Inc. formed a retail joint venture worth 5 billion United Arab Emirates dirhams with Dubai-based Meraas Holding LLC.

Under the deal, the partners will own and operate a portfolio of Meraas retail assets including The Beach, City Walk and La Mer.

The platform will also seek and execute retail growth opportunities across the UAE and the broader Gulf Cooperation Council region.

As of Sept. 20, US$1 was equivalent to 3.67 UAE dirhams.