Dubai's investment arm has teamed up with one of the world's biggest asset managers to create a US$1 billion (Dh3.67bn) property fund.
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The fund is the first "Dubai-only" property investment vehicle, according to a statement from Dubai's official media office. It is to be seeded initially with $200 million - $100m each from Investment Corporation of Dubai (ICD) and the Toronto-based Brookfield Asset Management, a global alternative asset manager overseeing $150bn. Brookfield has an office in Dubai.
The goal is to bring in a "select group" of other investors to increase the fund to $1bn.
"We see this agreement as another big step in our next phase of growth," said Sheikh Ahmed bin Saeed Al Maktoum, the chairman of Dubai's Supreme Fiscal Committee and an ICD board member. "It once more affirms Dubai's attractiveness as a premier investment destination in this region."
Dubai's property market has been one of the worst-performing in the world since collapsing in late 2008. Prices have fallen by more than half in some areas of the emirate, and analysts at Arqaam Capital expect further declines of 15 to 20 per cent by the end of next year.
While some investors have taken advantage of the market's distressed condition and built up portfolios of cheap property, the fund that Brookfield and ICD have planned would be the first coordinated, government-backed effort to invest in the Dubai market since the downturn.
There had been "lots of cash" looking for deals in Dubai but little evidence of organised fund investments, said Nicholas Maclean, the managing director in the Middle East for the property consultancy CB Richard Ellis.
Deal-making has also been held up by a mismatch between buyer and seller expectations, he said.
"People with cash have been disappointed they can't cherry-pick assets," Mr Maclean said.
The Abu Dhabi company Tasweek Real Estate Development and Marketing said two years ago that it was aiming to raise $250m to invest in distressed properties in Dubai and the capital.
The entry of ICD and Brookfield was significant, particularly because an international company was putting forward so much of its own money, said Gaurav Shivpuri, the UAE head of the property consultancy Jones Lang LaSalle.
Mr Shivpuri said he expected the fund to focus on buying entire buildings. But the Dubai Government revealed little yesterday about how the fund would operate and did not say whether the deal was final. It was announced after ICD and Brookfield signed a memorandum of understanding, a kind of agreement that often outlines casual plans to cooperate but does not hold parties to firm commitments.
afitch@thenational.ae
kbrass@thenational.ae
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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'Nope'
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British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
MATCH INFO
Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)
Rajasthan Royals won by 15 runs
UAE%20medallists%20at%20Asian%20Games%202023
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The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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Company%20Profile
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Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Queen
Nicki Minaj
(Young Money/Cash Money)
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The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
Left Bank: Art, Passion and Rebirth of Paris 1940-1950
Agnes Poirer, Bloomsbury
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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On sale: Now