UAE – Mubasher: Dubai-based Meraas Holding and Canada’s Brookfield Asset Management will set up a joint venture (JV) at a value of AED 5 billion ($1.4 billion), Reuters reported.

The JV will own and operate Meraas’ retail assets, including Dubai sites The Beach, City Walk, and La Mer, according to the London-based news agency.

In November 2018, sources told Bloomberg that Brookfield was in preliminary talks with Meraas to form a JV.

The Canadian firm, which owns assets in the utilities, transport, energy, and communications infrastructure sectors, was also considering acquiring a stake in Meraas.