Dubai: Italian luxury brands are back in Dubai, putting their name and aura on large-scale residential projects.
This time, Saudi Arabia’s Dar Al Arkan – the Kingdom’s largest private developer by far – is launching “Urban Oasis”, an 800 million dirhams project off the Dubai Water Canal. Now, what sets this apart is that Dar Al Arkan has partnered with Italian fashion brand Missoni as a project partner.
This is also Missoni’s second real estate project, the first being in Miami.
The two will bring the “MissoniHome” line for the first time in interiors, decoration and furnishings to the United Arab Emirates. Construction of the tower is underway, ensuring the developer will be completed by the end of 2023. (A four-bedroom penthouse directly overlooking the Dubai Water Canal is valued at Dh20 million. On the construction side, the project hit the 15th floor.)
For Dar Al Arkan, this is a revival of what will be its first project in Dubai. He had previously started a project on the site, then pulled out because the real estate market went into recession. Now, with Dubai’s off-plan sales market returning to a near boom period, the developer has felt ready to return – albeit with a Missoni alliance.
Value of the Dar Al Arkan land reserve in Saudi Arabia
“We are relaunching a new co-brand partnership as we believe it is in line with our commitment to deliver high quality projects to clients, whether for investment or home ownership,” said Ziad El Char, Vice President of Dar Al. Arkan Real Estate Development Company. “We are planning other projects in Dubai in the next six months.
“We mainly select international designers who are relevant to the target market. Our approach is therefore not just a brand label but a partnership with a fashion brand with an interior design already integrated within it. The Missoni house line is unique, dynamic and very attractive.
Recently, projects with the Roberto Cavalli and Lamborghini associations were launched in Dubai.
Bouquet of brand alliances
In Saudi Arabia, Dar Al Arkan has a whole host of projects, many with the best names in fashion. These include the Shams Ar Riyadh villas with interiors by Elie Saab, Versace and Roberto Cavalli.
“We have a unique collaboration with Versace Home, which will bring the world’s very first villas with interiors from Versace Home overlooking historic Wadi Hanifa,” El Char said. “In addition, we have the very first villas with interiors by Roberto Cavalli with designs reflecting the pinnacle of Italian fashion.
“More recently, we have launched a limited number of villas co-branded with designer Elie Saab that reflect the exceptional detailing for which Saab is recognized around the world.
“We do not own any land in the United Arab Emirates beyond the current project. However, with 20% of all real estate sales by a developer going to a Saudi investor in the United Arab Emirates, we believe we are uniquely positioned to offer for Saudi investors to enter this market. We are still exploring opportunities to add to our investments in the United Arab Emirates, especially now that the market has become more favorable. “
Beyond Saudi Arabia
Outside the Gulf, the developer owns “Sidra”, a new gated community in the “heart of Bosnia”. There is also a five star hotel located in heavy forests and mountains.
The Dubai real estate market is moving at an attractive pace and the number and value of transactions is increasing, which means that the market will always support new launches.
– Ziad El Char from the real estate development company Dar Al Arkan