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Dubai-based real estate developer DAMAC Properties has issued Saudi Binladin Group with US$96mn to construct a luxury housing project in Riyadh
The work, which will be completed by Binladin subsidiary Haramain Gate for Construction, is the main construction contract for DAMAC’s Esclusiva Luxury Serviced Apartments, located on the Saudi Arabian capital’s King Fahad Road.
The tower will include 100 luxury apartments and feature interiors designed by Italian fashion house Fendi Casa.
DAMAC Properties senior vice-president Niall McLoughlin said, “DAMAC Properties is thrilled to be working with Biladin group on the construction of DAMAC Esclusiva, which will take the standards of luxury home living in the Middle East to a new level.
“Together we can bring an experience to the market which the region is yet to see. It is a perfect synergy between two visionary companies looking to reach the pinnacle of luxury living.”
DAMAC, one of the property developers worst hit by Dubai’s financial crisis of 2008-2009, has launched several new developments this year.