News from the Gulf
Abu Dhabi- The Abu Dhabi Investment House yesterday announced the launch of the $7 billion “Style City.”
Style City intends to attract luxury international brand names from the worlds of fashion design, jewellery, furniture and luxury living. The first of its kind, Style City, will be 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 centers, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.
The Style City concept will be implemented in not only Abu Dhabi, but also Qatar, Morocco, Tunisia and India as part of agreements signed yesterday with major developers in those countries.
Managing director Rashad Janahi, signed a memorandum of understanding with Dr Hani Shammah, CEO of Emirates International Properties (EIP), the real estate arm of Emirates International Investment to create “Porta Moda,” Abu Dhabi.
"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 memorandums of understanding with major institutions which will hopefully help establish Porta Moda, Style City’s commercial brand name, in select countries.
The Abu Dhabi Investment House also signed memorandums with Peter Pana-yiotou, acting chief executive officer of Gulf Finance House to establish Porta Moda in several 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 to develop Porta Moda Qatar and Porta Moda India respectively. Financing will be done through a Style City Fund.
