The Investment Corporation of Dubai (ICD), a government-owned wealth fund, has partnered with Canada’s Brookfield Asset Management to launch a 50-storey office and hotel tower project worth Dh3.67 billion ($1 billion) in Dubai, UAE, said a report.

The project, which will come up on Al Sa’ada Street behind Ritz Carlton at Dubai International Financial Centre (DIFC), is the first mega development in the region this year, reported Emirates 24|7, citing sources.

British architect Foster+Partners is said to be working on the schematic design of the ambitious tower, the report stated.

ICD is the investment arm of the Government of Dubai and holds stakes in over 30 companies, including Emaar Properties and Emirates airlines.

Brookfield Asset Management is a global alternative asset manager with over $175 billion in assets under management.

The project, which will be launched next week, is expected to be completed by 2018, it added.