UAE > Saudi Arabia based Dar Al Arkan and Italy based Roberto Cavalli partner to construct AED 800 million ($217.8 million) skyscraper on Dubai Canal

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The largest listed real estate developer in the Kingdom of Saudi Arabia, Dal Al Arkan, and Italy based luxury brand, Roberto Cavalli have teamed up to build a AED 800 million ($217.8 million) skyscraper on Dubai Water Canal in the Business Bay area.

Roberto Cavalli will design the interiors of the lavish 34 story waterfront skyscraper which is also named “I Love Florence” which will offer its residence the sophisticated fascinating Florence and the famed luxury of Dubai.

Dar Al Arkan’s first international expansion 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, plus  a number of government officials, diplomats, dignitaries and investors.

According to Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan:

“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 meters 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.”

The high rise not only combines the stunning views but will also be towered over the 3.2 km of man-made waterway. Roberto Cavalli has lent its name to a real estate development for the first time anywhere in the world.

Gian Giacomo Ferraris commented the following about the collaboration:

“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 will also have elevators opening directly into the apartments providing utmost privacy and units will be available in one to four bedroom penthouses. The tower will also have gym, lobbies, swimming pool, yoga area, outdoor training area and hallways.

Designed by architecture firm VX Experts, Dar Al Arkan has also appointed La Casa Engineering Consultants for the construction that is set to begin in January 2018.

About Dar Al Arkan (DAAR)

DAAR is a public shareholding company that is listed in the Saudi Stock Exchange (Tadawul) and has 10.8 billion SR ($2.88 billion) in capital and 25 billion SR ($6.66 billion) in assets that measures to 36.4 million square meters. Despite its diverse operations, DAAR prime business is real estate.

About Roberto Cavalli

One of the most iconic fashion brands in the world, Roberto Cavalli Group is based in Florence and is controlled by Italian investment fund Clessidra SGR. some of its internationally established labels include Roberto Cavalli, Just Cavalli, Cavalli Class, Roberto Cavalli Home, Roberto Cavalli Junior, eyewear, fragrances and watches that are positioned in different high- end offering segments.

The Roberto Cavalli Group, based in Florence and controlled by Italian investment fund, is one of the most important Italian companies operating in the fashion, luxury accessory and lifestyle sectors. The wide portfolio of internationally established labels – – is positioned in the different segments of the high-end offering. The group is spread across cities such as Milan, Rome, London, Paris, New York, Miami, Dallas, Los Angeles, Moscow, Sao Paolo, Dubai, Kuwait City, Beijing and Hong Kong, among others and currently manages a network of 49 direct operated stores and 25 franchised stores.

 

Reference:

  • http://www.prnewswire.co.uk/news-releases/largest-listed-saudi-real-estate-developer-launches-international-business-from-dubai-663609643.html
  • https://www.daralarkan.com/en