Business | General
Abu Dhabi launches Dh26b Style City
The Abu Dhabi Investment House (ADIH) announced yesterday the launch of a Dh26 billion ($7 billion) Style City, a project that will seek to attract international brand names in the style, design of fashion, jewellery, furniture and luxury living.
- Staff Report
- Published: 00:06 April 8, 2008
Abu Dhabi: The Abu Dhabi Investment House (ADIH) announced yesterday the launch of a Dh26 billion ($7 billion) Style City, a project that will seek to attract international brand names in the style, design of fashion, jewellery, furniture and luxury living.
The Style City concept will be implemented in Abu Dhabi, Qatar, Morocco, Tunisia and India as part of agreements ADIH signed yesterday with major developers in those countries.
Rashad Janahi, ADIH managing director and board member, signed a memorandum of understanding with Dr Hani Shammah, CEO of Emirates International Properties (EIP), the real estate arm of Emirates International Investment Company (EIIC), to create Porta Moda Abu Dhabi.
The first of its kind, Style City, is a mixed-use development, comprising residential and retail components while focusing on fashion and style.
It will feature a grand fashion district comprising premium and luxury brands in the fashion, jewellery and interior design fields; an educational district comprising institutions as well as museums and exhibition centres, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.
"There are many talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills. We want to help provide them environments where they can nurture their chosen profession in the world of style, design and fashion but be given the chance to stay close to the markets and consumers they serve," said Janahi.
The implementation of the concept is supported through strategic partnerships and MoUs with major institutions and this will help establish Porta Moda, Style City's commercial brand name, in select countries.
ADIH also signed two MoUs with Peter Pana-yiotou, acting chief executive officer of Gulf Finance House (GFH), to establish Porta Moda in GFH's North African developments that are under way in Morocco (the Royal Ranches, Marrakech) and in Tunisia.
Dedicated locations in these developments will feature Porta Moda to serve the surrounding communities.
Both Qatar Entertainment City and India Entertainment City have signed MoUs with ADIH to develop Porta Moda Qatar and Porta Moda India respectively.
The financing of the project will be done through a Style City Fund.
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