ABU DHABI, 8 April 2008 -- As the Gulf Cooperation Council (GCC) countries benefit from oil and gas boom, Abu Dhabi Investment House (ADIH) launched yesterday a major $7 billion Style City project that will attract international brand names in the style, design of fashion, jewelry, furniture and luxury living.
While addressing a press conference here yesterday, Rashad Y. Janahi, managing director and board member of ADIH, said the Style City concept will be implemented in Abu Dhabi, Qatar, Morocco, Tunisia and India.
ADIH signed yesterday MoUs with Emirates International Investment Co., Qatar Entertainment City, India Entertainment City and Gulf Finance House (GFH) for the project.
Janahi said the new concept of style is supported through partnerships and MoUs with renowned and major institutions will help set up Porta Moda, Style City's commercial brand name within select countries.
The first of its kind Style City concept is a mixed-use development comprising residential and retail components while focusing on fashion.
Janahi said the Style City will feature a grand fashion district, jewelry and interior design fields, an educational district as well as museums and exhibition centers and a leisure district with town houses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.
"There is a wealth of talented designers in the region to develop their skills in these competitive markets," he added.
The press conference was also attended by GFH acting Chief Executive Officer Peter Panayiotou, Dr. Hani Shammah, chief executive officer of Emirates International Investment Co. and Joel A. Katz, chairman, Global Entertainment Group of Greenberg Traurig of US.
Panayiotou said "Porta Moda means the door to the world of fashion and I hope this brand will revolutionize the fashion industry in the region and other parts of the world. The master planning of the Porta Modas around the world is being developed based on high international standards and on due-diligence to best serve the market segments targeted."
Janahi signed two MoUs with Panayiotou to establish Porta Moda in GFH's North African successful developments which are underway in Morocco and Tunisia.
Janahi and Shammah also signed MoU to create Porta Moda Abu Dhabi.
Asked if ADIH has any plans to participate in Saudi Arabia's major planned economic cities, Janahi said "We cannot ignore the huge Saudi market. We are working on some projects but they are in early stages. We are also discussing with Saudi Arabian General Investment Authority to explore possible avenues of cooperation."
On financing of the Style City project, Janahi said "a Style City fund will be launched soon and will be placed through the ADIH placement team and underwriters, who will be marketing the fund throughout the Gulf region," adding that "the fund will be marketed to international investors also."
By Khalil Hanware
© Arab News 2008
