Largest Listed Saudi Real Estate Developer Launches International Business from Dubai
DUBAI, UAE and FLORENCE, Italy, December 12, 2017
Dar Al Arkan, the largest listed real estate developer in the Kingdom of Saudi Arabia, announced today its plans to expand to global markets, selecting Dubai as the launchpad for its international business, with an AED 800 million development on the Dubai Water Canal in the Business Bay area.
The company has partnered with luxury brand, Roberto Cavalli, 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. Rightly named “I Love Florence”, the new luxury tower will offer its residents an immersive living experience that combines the sophistication of fascinating Florence with the famed luxury of dazzling Dubai.
A ceremony was organised in Dubai to launch Dar Al Arkan’s (DAAR’s) international expansion and its high profile partnership with Italy’s topmost luxury fashion brand. The event was attended by Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan, Gian Giacomo Ferraris, CEO of Roberto Cavalli Group, who flew in especially for the occasion, in addition to a number of government officials, diplomats, dignitaries and investors.
Yousef Bin Abdullah Al Shelash declared at the ceremony: “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 metres 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.”
Towering over the 3.2 kilometres 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. This is the first time ever that the iconic “Roberto Cavalli” fashion brand 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 “Roberto Cavalli” lifestyle, delivering energy, prestige, emotion, success, and desire to experience.
Gian Giacomo Ferraris commented: “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. 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.”
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.
Abdullah El Shelash concluded: “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 the epitome of Italian luxury, Roberto Cavalli, to conceptualise and create truly outstanding living spaces, not only in the residential units, but across the tower’s amenities, including the lobbies, gym, swimming pool, yoga area, outdoor training area, and hallways.”
The tower architecture has been designed by VX Experts. DAAR has also appointed La Casa Engineering Consultants. Construction will start in January 2018.
About Dar Al Arkan (DAAR)
Based in Riyadh (KSA), DAAR is a public shareholding company listed on the Saudi Stock Exchange (Tadawul). With 10.8 billion SR in capital and 25 billion SR in assets, spanning 36.4 million square meters, we are one of the Middle East’s leading real estate companies.