Abu Dhabi-based alternative investment manager Lunate is collaborating with Brookfield Asset Management, a firm listed on the New York Stock Exchange, to establish a joint venture worth $1 billion. This new partnership aims to develop build-to-sell residential properties throughout the Middle East.

The joint venture signifies a strategic move in the real estate sector, emphasizing the growing demand for residential assets in the region. By leveraging their combined expertise, Lunate and Brookfield intend to create a portfolio that meets the needs of potential buyers in key markets.

Both companies affirmed their commitment to enhancing the real estate landscape in the Middle East. The partnership is expected to facilitate significant development projects, contributing to the region’s economic growth and housing supply.