Damac launches towers in Riyadh and Dubai with Fendi

Projects will be completed in 2016 and are approximately 20% complete

Damac Properties announced on Sunday that it has partnered with Fendi, the internationally renowned Italian fashion house, on two projects in Dubai and Riyadh.

The projects, a 355m high tower in Dubai Marina and a 150m high tower overlooking the Kingdom Tower, emphasise the strength of the regional real estate market, Damac Properties chairman, Hussain Sajwani, said.

“The real estate market in both Riyadh and Dubai are again performing strongly, especially in the high-end, luxury sector,” he said. “We believe that there will be a very high level of anticipation for these apartments from nationals and overseas investors.”

He added that the partnership with Fendi was because the property developer wanted to create projects that would provide the ‘highest standards of refinement’.

Both the towers are expected to be completed in 2016, and are currently approximately 20% complete, the developer confirmed.

“This collaboration will result in two of the most luxurious projects ever developed in the region, offering opulent apartment living with refined FENDI Casa interiors decorations. The FENDI detailing will be incorporated in every aspect of DAMAC Esclusiva and DAMAC Residenze, from the exterior design, to the lobby and every piece of furniture within the apartments,” he explained.

Sajwani said that he expected the Dubai real estate market to continue showing strong signs of recovery and increasing confidence. In turn, this would see more liquidity in flow and ensure that projects are developed, completed and handed over in good time.

“It is the consistent flow of investment which ensures a solid, stable growth pattern within the market. We are now in a cycle of sustained growth, which will continue,” he added.

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