FENDI to design interiors for luxury apartment towers by Damac in Dubai and Riyadh
Fendi SpA, the Italian fashion company owned by LVMH will provide interior designs for Damac Properties Co.’s two towers in Dubai and Riyadh. The residential towers, which are about 20 percent complete, will cost more than 2 billion dirhams ($545 million), Damac Managing Director Ziad El Chaar said in Dubai today. The company is financing the projects from its own cash, he said.
Dubai, which saw one of the world’s worst property crashes with prices dropping more than 65 percent drop from their 2008 peak, is reviving projects with plans to develop the world’s largest mall, 100 hotels and gardens larger than London’s Hyde Park. Fendi Casa will help the developer design the interiors of more than 100 serviced apartments in Riyadh. Damac’s tower in Dubai, which hosts the world’s tallest skyscraper, will overlook the Dubai marina and a palm tree-frond shaped island. Both projects are set for completion in 2016.
adapted from Bloomberg