DUBAI - Brookfield and Alshaya Group on Thursday said they were launching a joint venture to develop ​a 480,000-square-foot (44,593 square ⁠meters) mixed-use asset in Dubai, as the global investment firm ‌and the Gulf retail giant reiterated confidence in real estate projects in the emirate.

Dubai, a ​Gulf business and tourism hub that in recent years witnessed a property boom, has ​been among ​the targets of Iranian attacks since the beginning of the U.S.-Israeli war on Iran, which has disrupted business in the region ⁠and roiled global energy markets.

Here are some details on the announcement:

* The development, located in Dubai Hills, a luxury community developed by Emaar, will feature Grade A office spaces, build-to-rent residential features and retail offerings, the ​two firms ‌said in a ⁠joint statement, without providing ⁠financial details.

* Brookfield Properties will serve as development and real estate manager for ​the JV, while Alshaya Group will establish its ‌new United Arab Emirates office on the ⁠premises and include a retail space once the development is completed.

* “With Dubai’s dynamic growth, evolving demographics and increasing demand for integrated living and working environments, this project capitalizes and delivers on this opportunity,” said Jad Ellawn, Brookfield's managing partner and regional head for the Middle East.

* Canadian investment firm Brookfield has more than $1 trillion in assets under management.

* In the region, it manages around $16 billion in assets across private ‌equity, real estate and infrastructure. Last year, it set up ⁠a $1 billion Middle East residential real estate JV ​with Abu Dhabi alternative investment manager Lunate.

* Established in 1890 in Kuwait, Alshaya is one of the biggest retail franchisees in the region ​with rights to ‌operate the businesses of popular Western brands including Starbucks , ⁠The Cheesecake Factory and ​Shake Shack.

 (Reporting by Federico Maccioni; Editing by Thomas Derpinghaus)