Turi Condon | April 03, 2008
MIRVAC will open an office in Dubai by the end of the year, increasing its exposure to the burgeoning Middle East as Australia's property sector slips into downturn.
Mirvac managing director Greg Paramor said discussions were being held with Dubai-based Nakheel on residential, commercial and retail developments -- largely where it can add intellectual capital.
"There are opportunities to redeploy people and capital," Mr Paramor said.
"We thought Dubai was not for us: why go in there when lots of people were doing it?
"The reason we are now wanting to go there is partnering with Nakheel, which is Dubai."
In January, Nakheel raised its stake in Mirvac to 12.5 per cent.
Nakheel is reported to be raising $1.5 billion of equity to launch Dubai-listed housing and infrastructure property trusts. Mr Paramor said there had been no talks with Nakheel regarding Mirvac's involvement.
Mirvac has also been reported as partnering Nakheel in its bid for the development of the massive Barangaroo regeneration project in the Sydney CBD.
Mirvac has also signed a memorandum of understanding with Abu Dhabi conglomerate Al Badie Group.