Brookfield Asset Management and Abu Dhabi investment firm Lunate are setting up a new residential developer named Alya, based at the Dubai International Financial Centre, to build premium housing across the Gulf. The firms announced a $1 billion tie-up last year. Alya will focus on an institutional platform for residential developments.
The UAE housing markets have shown resilience despite disruptions from the Iran war and Dubai's property boom ending. Dubai recorded its second-best first-half on record, while Abu Dhabi saw home sales rise ahead of new high-end construction. In 2024, Lunate acquired a stake in a prominent Dubai office tower partially owned by Brookfield.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing