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The Toronto-based asset manager and Abu Dhabi investment firm Lunate announced Tuesday the launch of a new company focused on premium housing developments across the Gulf. (The Logic)
Talking point: The expansion comes as the UAE’s property markets remain relatively resilient despite regional geopolitical tensions. The new firm, called Alya, will be headquartered at the Dubai International Financial Centre and led by CEO Otto Dreyer. It will focus on high-end residential projects across the Gulf region, including Saudi Arabia and Bahrain. The launch builds on a US$1-billion joint venture Brookfield and Lunate announced last year to invest in residential real estate in the Middle East. Lunate, which manages more than US$125 billion in assets, also acquired a stake in Dubai’s ICD Brookfield Place office tower in 2024. Meanwhile, Brookfield and the Qatar Investment Authority will invest an initial £2.5 billion ($4.7 billion) in a U.K. data-centre project with energy company Drax Group. Total investment in the project could ultimately exceed £20 billion ($37.6 billion).
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