Abu Dhabi-based global alternative investment management company Lunate and Saudi conglomerate Olayan Financing Company have agreed to acquire a 49 per cent stake in Dubai's ICD Brookfield Place.
Upon completion of the deal with its current owners, Investment Corporation of Dubai (ICD) and Brookfield Corporation, Lunate, through one of its funds, and Olayan Financing Company will each own a 24.5 per cent in the 53-storey building, which opened in September 2020 at the Dubai International Financial Centre.
ICD and Brookfield will retain a combined 51 per cent equity interest, split equally between the two parties, a statement said on Monday.
No financial details of the agreement were disclosed.
Brookfield Properties will continue to manage the property, which is more than 98 per cent leased at "premium" rents to global financial institutions, law firms and multinational corporations.
The agreement is the largest institutional third-party single asset real estate transaction in the UAE and one of the biggest commercial real estate transactions globally since 2020, the statement said.
Khalid Al Bakhit, chairman, ICD Brookfield said the property "has become a major landmark and the most coveted address in Dubai for businesses and leisure alike".
The transaction comes at a time when Dubai's property market is soaring in value, with favourable interest rates and policies that encourage long-term residency sustaining growth when some thought it might run out of steam.
In 2023, Dubai's real estate transactions jumped by a record 17 per cent annually to 1.6 million deals across segments, data from the Dubai Land Department showed.
Last year, the value of real estate deals in the emirate reached Dh634 billion ($172.6 billion), up 20 per cent annually.
Murtaza Hussain, managing partner at Lunate, said its investment in ICD Brookfield Place is aligned with its "long-term capital strategy to invest in premium assets, delivering attractive yields and capital appreciation".
With $105 billion in assets under management, Lunate was launched by Chimera Investment, an Abu Dhabi-based private organisation, in September last year.
The company, based at the Abu Dhabi Global Market, has interests in private equity, venture capital, private credit, real assets, public equities and public credit markets.
Last week, Lunate acquired a 40 per cent stake in Adnoc Oil Pipelines from BlackRock and KKR.
Nabeel Al Amudi, chief executive, Olayan Financing Company, said the acquisition represents a "strategic" addition to its portfolio and highlights its "commitment to investing in high-quality, sustainable real estate assets".
Olayan Financing Company has a portfolio of more than 32 companies. It invests globally in public equities, private equities, strategic partnerships and real estate assets.
Construction of ICD Brookfield Place began in 2015, with the project costing about $1 billion.
The property has 92,000 square metres of office space, about 15,000 square metres of retail space and 13,000 square metres of green space.
The building is home to large multinational corporations including Ernst & Young, Julius Baer, Latham & Watkins and UBS.
It also hosts The Arts Club of London, one of the world's most famous and luxurious private members' clubs and has several retail outlets and restaurants.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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