Abu Dhabi Investment House launches $7bn 'Style City' concept

The Style City concept will be implemented in Abu Dhabi, Qatar, Morocco, Tunisia and India, as part of MoUs ADIH signed this morning with major developments in these countries.

The first of its kind 'Style City' concept is a mixed-use development comprising residential and retail components while focusing on fashion and style. The 'city' will feature a grand fashion district containing premium and luxury brands in the fashion, jewellery and interior design fields; an educational district containing institutions for the same, as well as museums and exhibition centres; as well as, a residential and a leisure district with town houses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.

Rashad Y. Janahi, Managing Director and Board Member, ADIH, said, "There is such a wealth of talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills in these very competitive markets. We want to help provide environments where the same people can nurture their chosen profession in the world of style, design and fashion but be given the chance to stay close to the markets and consumers they serve. This undoubtedly the dawn of a new era in fashion and design.'

The implementation of the concept is supported through strategic partnerships and MoUs with renowned and major institutions, will help establish Porta Moda, Style City's commercial brand name, within select countries.

Mr Rashad Y. Janahi, ADIH Board Member and Managing Director signed an MOU with Dr. Hani Shammah - CEO - Emirates International Properties (EIP), the real estate arm of Emirates International Investment Company (EIIC) in order to create Porta Moda Abu Dhabi. EIP is a highly reputable real estate institution and its partnership with ADIH - is testimony to the project's major potential success. Bank and Chairman - Burooj Real Estate Company

Mr Janahi also signed two MoUs with Mr Peter Panayiotou, Acting Chief Executive Officer at Gulf Finance House (GFH), one of the region's successful investment banks, to establish Porta Moda in GFH's North African successful developments that are under way in Morocco (the Royal Ranches, Marrakech) and in Tunisia. With the MoUs signed today, dedicated locations within these developments will feature Porta Moda to serve the surrounding communities.

Additionally, both Qatar Entertainment City and India Entertainment City have signed MoUs with ADIH to develop Porta Moda Qatar and Porta Moda India.

The masterplannig 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. The selection of destinations that 'Style City' will appear in comes as a result of studies that show flexible governmental regulations and the economic growth potential these countries enjoy. Moreover, study has also shown that young adults are moving towards studying aesthetics and arts. With Style City being within their geographic reach, they will be able to get their education at the hands of international talents and expertise.

Additionally, the real estate industry is booming within these countries - with growing populations representing an extremely big middle class consumer market, resulting in the inherent attraction of major multinational companies.

Developments in the real estate sector as a whole are being driven by demand for more housing units in cities and towns because of growing urbanization of these countries' population, burgeoning middle class, increased disposable income, easy availability of housing finance at cheaper rates and tax incentives.

Built upon such a combination of factors, Style City presents an unprecedented investment opportunity for investors who are looking to diversify their portfolio by industry and region.

A 'Style City' fund will soon be created and will be placed through the ADIH Placement team and underwriters, who are marketing the fund throughout the Gulf. The Placement team is available in each of the UAE, Qatar, Oman, KSA, Bahrain, Kuwait and throughout the region. The fund is also being marketed to international investors, based on high levels of indicated interest.

An Style City Advisory Board has been created to include major names in the fashion and style industry.

This follows on ADIH's landmark concept 'Entertainment City' that is currently being implemented in Qatar and India.