Dubai lures foreign investors

Dubai lures foreign investors:
"When it is completed, ICD Brookfield Place — a new Foster + Partners-designed skyscraper in Dubai’s financial district — will tower 282m above the ground. It is one of the few development projects in the United Arab Emirates to tap into institutional investment from overseas. In 2012, the Investment Corporation of Dubai formed a joint venture with the global property arm of Canada’s Brookfield Asset Management, one of the world’s largest commercial property companies, to build it. Construction began this year.

Skyscrapers have sprouted rapidly out of the deserts of the UAE over the past 20 years, but so far ICD Brookfield Place remains a rarity in a commercial property market that is largely domestic and regional. Property advisers hope the tower is a sign of things to come.

“This is the single biggest opportunity that the UAE has in its real estate sector. There is extraordinary interest, but it is difficult because this is a fairly illiquid market,” says Nicholas Maclean, managing director for the consultancy CBRE Middle East. CBRE and estate agency group JLL are joint letting agents for ICD Brookfield Place.

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