Fendi SpA, the Italian fashion company owned by LVMH Moet Hennessy Louis Vuitton SA, 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. The luxury end of the market is leading the recovery with more than 20 percent increase in prices, Damac Chairman Hussain Sajwani said.
Fendi Casa will help the developer design the interiors of more than 100 serviced apartments in Riyadh, El Chaar said. 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.