(MENAFN- Khaleej Times) Dar Al Arkan, the largest listed real estate developer in Saudi Arabia, announced on Tuesday a Dh800 million development in downtown Dubai as it gears up to expand to global markets with Dubai as the global launchpad.
Dar Al Arkan's chairman Yousef Al Shelash said his company would start construction of a 34-storey waterfront skyscraper with luxury apartments in early 2018.
"We have a good opportunity now to grow outside Saudi because we have the cash, we have the capability," Shelash said, adding that Dar Al Arkan has a cash position of almost SR3 billion.
Al Shelash said the developer is also looking for projects in Morocco, and is studying whether to acquire a fixed income asset such as a hotel or a residential or business tower in European cities including London, Frankfurt and Berlin next year.
In June last year, Dar Al Arkan said it was in talks with the Saudi government to provide housing units under the kingdom's economic reform plan.
The plan said the Ministry of Housing would spend a total of SR59.2 billion over the five years through 2020 to ease the country's shortage of affordable housing through schemes such as a loan guarantee programme and faster licensing procedures.
On Tuesday, Shelash said the company was still in talks with the ministry on project sales, off-plan sales and housing developments, and that at least one agreement could be reached as early as next month. He did not give details.
For the Dubai project, Dar Al Arkan has partnered with luxury brand, Roberto Cavalli, to design the interiors of the 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.
Also present at the ceremony to launch project were 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.
Al Shelash said his company has track record in delivering 15,000 residential units and 500,000 metres of commercial space in Saudi Arabia for over 23 years.
Ferraris said it was for the first time as a group to enter the real estate sector with the Roberto Cavalli brand. "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," said Ferraris.
The "I Love Florence" Tower, which will have 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.
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The 'I Love Florence' Tower will feature for the first time in Dubai New York style homes, with elevators opening directly into the apartments, providing utmost privacy. - Supplied photo
Issac John Associate Business Editor of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.
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