DAMAC said the apartments, due to be completed in 2016, would include “distinctive pieces” from the Fendi Casa collection and provide “the highest standards of refinement”.
“DAMAC Properties is thrilled to be working with Fendi to take the standards of luxury home living in the Middle East to a new level,” DAMAC chairman Hussain Sajwani said.
“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.”
Sajwani said the Esclusiva apartments, which also include a VIP luxury 24/7 service, were available by invitation only.
“We believe these will be the most desirable serviced apartments available anywhere in the Middle East,” he said.
Italian ambassador to the UAE, Giorgio Starace, said the country wanted to spread its reputation in fashion further in the UAE.
“The partnership between DAMAC Properties and Fendi marks an important step forward in the growth of ‘Made in Italy’ in the United Arab Emirates,” said Starace
“The two magnificent projects that Fendi and DAMAC Properties will develop in the Kingdom of Saudi Arabia and the UAE reflect a clear trend of ‘Made in Italy’ abroad, especially in this country, a successful trend which is more and more oriented at targeting the highest echelons of the market, offering top level products that represent the best of Italian culture, tradition and know-how.”
Whilst operating the serviced apartments within DAMAC Esclusiva, DAMAC will offer owners the personal touch of a VIP luxury 24/7 service, while investors will also be able to benefit from an attractive return on their apartment in the months they do not reside through a rental pool programme.