Dubai Skyscraper attracts investors from Saudi Fund، China's CIC، Malaysia’s KLCC

Brookfield Asset Management Corporation (a Canadian multinational company and one of the world's largest alternative investment management companies) and state-owned Investment Corp. of Dubai، a sovereign wealth fund of the Government of Dubai established in 2006، may sell a stake of as much as 49% in ICD Brookfield Place، the office Skyscraper، whose tenants include JPMorgan Chase & Co. and Bank of America Corp. which attracts investor interest from many countries such as China Investment Corporation، Malaysia’s KLCC Property Holdings Berhad and Saudi Arabia's Hassana Investment Co.

The office Skyscraper or tower ICD Brookfield Place in the heart of Dubai's financial district

Bloomberg said that China Investment Corporation، Malaysia’s KLCC Property Holdings Berhad and Saudi Arabia's Hassana are among potential bidders for a stake in the office Skyscraper or tower ICD Brookfield Place in the heart of Dubai's financial district which owned by a sovereign wealth fund of the Government of Dubai established in 2006، and Brookfield Asset Management Corporation، according to people with knowledge of the matter.

it is said that the joint venture Investment Corporation of Dubai whose revenue up 58% in 2022 at Dh267.4 billion، known as ICD Brookfield Place، the office Skyscraper، in the heart of Dubai's financial district، has received interest from more than a dozen entities globally، including sovereign wealth and pension funds.

At least one candidate showed interested in buying the whole Skyscraper

Although the people with knowledge of the matter state that at leas

one candidate showed interested in buying the whole Skyscraper or tower، ICD Brookfield Place in the heart of Dubai's financial district، and Saudi Arabia’s Hassana Investment Co. has also been among those involved in talks، a Hassana official categorically denied any negotiations or interest in the building named in the article.

The companies who own the office Skyscraper or tower ICD Brookfield Place are working with Emirates NBD Capital and JPMorgan on the sale، but final decisions haven’t been made and the companies may decide not to sell the stake، the people said.

Representatives for ICD Brookfield and CIC declined to comment as well as representatives for KLCC، the largest self-managed stapled security that owns the iconic Petronas Twin Towers، didn’t immediately respond to an emailed request for comment on the office Skyscraper sale.

A surge in demand for top-tier office space in Dubai

The sale talks come amid a surge in demand for top-tier office space in Dubai، where rents have outpaced hubs like London and New York as businesses expand into the financial hub known for its love of glitzy construction.

ICD Brookfield Place skyscraper is an equally-owned joint venture partnership between ICD and Brookfield and towers more than 900 feet (274 meters) over the city’s financial district، opened just as the pandemic spread globally، it has 46 elevators serving 53 floors، and indoor gardens to escape the summer heat.