13/12/2017 05:33 AST
Dar Al Arkan (Daar), the largest listed real estate developer in Saudi Arabia, has announced plans to expand to global markets, selecting Dubai as the launchpad for its international business, with a Dh800-million ($218 million) development on the Dubai Water Canal in the Business Bay area.
The company has partnered with iconic Roberto Cavalli fashion brand, to design the interiors of the lavish 34-storey waterfront skyscraper, located in one of the world's greatest urban transformations, in true Italian fashion.
The new tower named "I Love Florence", will offer its residents an immersive living experience that combines the sophistication of fascinating Florence in Italy with the famed luxury of dazzling Dubai, said the Saudi firm in a statement.
Towering over the 3.2-km man-made waterway, the high-rise will combine stunning views of the canal's vibrant outdoor and night scenes, with the elegance of the Florence's Arno riverside, reflected in the interiors sketched by one of Italy's most famed design houses, it stated.
Daar has roped in La Casa Engineering Consultants for the project, while the tower architecture has been designed by VX Experts. The construction work on the luxury project will start next month.
This is the first time ever that Roberto Cavalli lends its name to a real estate development, anywhere in the world, to present rich interiors that project bespoke living and are an embodiment of all the strength and glamour of the maison lifestyle associated with the iconic brand, delivering energy, prestige, emotion, success, and desire to experience, said senior officials of Dar Al Arkan at a ceremony organised in Dubai to launch the company's global expansion and its high profile tieup with top Italian fashion brand.
The event was attended by Yousef Bin Abdullah Al Shelash, the chairman of Dar Al Arkan, Gian Giacomo Ferraris, the CEO of Roberto Cavalli Group, who flew in especially for the occasion, in addition to a number of government officials, diplomats, dignitaries and investors.
Addressing the gathering, Al Shelash said: "Dar Al Arkan, since its establishment in 1994, has been offering Saudi investors unique investment opportunities that enhance and protect their wealth and preserve it for the next generation."
"Our solid track record in delivering 15,000 residential units and 500,000 m of commercial space in Saudi Arabia for over 23 years will support our global expansion, which aims at presenting further diversification to our existing investors, as well as attracting international investors to our investment portfolio," he stated.
Ferraris said: "We are excited to be entering for the first time as a group to the real estate sector with the Roberto Cavalli brand, and we believe that the developer couldn't have chosen a more suitable location for this project in the Middle East, where Roberto Cavalli enjoys a strong following."
"Dubai has carved its position as the house of fashion and design in the region. I see a strong correlation between Florence and Dubai, with both cities projecting elegance, art and design in everything they do, each in its own way," stated the top official.
"The new tower will embody Roberto Cavalli's passion for beauty, design and his celebration of Italian craftsmanship. It will encapsulate the high-end luxury our fashion house has been famed for," he added.
The "I Love Florence" tower, which will have unique views of the Dubai Canal, will feature for the first time in Dubai New York style homes, with elevators opening directly into the apartments, providing utmost privacy. Units will be available in one-, two-, three- and four-bedroom penthouses.
El Shelash said: "When we set out to draw our vision to become leaders in global real estate development, we decided to only settle for the best, hence our choice of Dubai Canal as a location, and t
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