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Damac awards $90m Esclusvia deal to Saudi Binladin

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Real estate developer, DAMAC Properties, has announced it has awarded a SAR336m ($89.5m) main construction contract in its Riyadh project DAMAC Esclusiva Luxury Serviced Apartments to Haramain Gate for Construction, a subsidiary of Saudi Binladin group

The contract has been awarded for the construction of a luxury serviced apartments tower in the golden strip on King Fahad Road in Riyadh, interiorly designed by the Italian brand FENDI Casa.

“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,” said Niall McLoughlin, senior vice president at DAMAC Properties.

“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 Esclusiva Luxury Serviced Apartments in Riyadh are being made available by invitation and pre-approval to a limited number of VIP’s only, reflecting the quality and refinement on offer. We believe these will be the most desirable serviced apartments available anywhere in the Middle East,” he added.

DAMAC Properties announced its major regional strategic tie-up with luxury global brand FENDI in February, to provide interior designs on projects in Riyadh in the Kingdom of Saudi Arabia and Dubai, UAE.

DAMAC Esclusiva Luxury Serviced Apartments, a 150 metre high tower overlooking the Kingdom Tower in Riyadh, will provide refined interiors by the Italian fashion house for more than 100 luxury serviced apartments.

The two companies will also partner on the interiors for exclusive private apartments in DAMAC Residenze in the Dubai Marina.

The  project, which has already reached the first typical residential level after finishing the four podium levels, is set to be completed in 2016.

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