Dubai-based Meraas Holding has entered into a AED5bn ($1.4bn) strategic partnership with Canada’s Brookfield Asset Management to jointly own and operate a retail-focused real estate platform in the UAE.

The partnership will explore growth opportunities in the retail sector across the GCC region.

The agreement it not Brookfield’s first foray into the UAE property market. It formed a $500m real estate investment fund with the Investment Corporation of Dubai in 2013.

It is also partnering with ICD for the ICD Brookfield Place development that is being built at Dubai International Financial Centre.

Earlier this year,  Abu Dhabi asset manager Invest AD and Brookfield signed an agreement to establish a joint venture that will invest in UAE real estate.

The investment products it will create include a real estate investment trust (REIT) that will be set up under the regulatory framework of the Abu Dhabi Global Market (ADGM).