Abu Dhabi’s bid to become a fashion capital

By Robert Hamilton
For Al-Shorfa.com
2008-05-27

Abu Dhabi fashion week 2008

They say you can’t buy style, but Abu Dhabi is giving it a shot anyway. The UAE capital has unveiled ambitious plans for a $7 billion [USD] development concept focused on fashion and design, which it plans to roll out across the Gulf, Africa and India.

The project, announced by Abu Dhabi Investment House (ADIH), will seek to attract international brand names in fashion, jewelry, furniture and luxury living to create style and design hubs in new emerging markets.

The concept, called ‘Porta Moda’, comprises a retail district offering luxury brands in the residential, educational and leisure districts.

“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,” said Rashad Janahi, Managing Director and Board Member at ADIH. “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 is undoubtedly the dawn of a new era in fashion and design.”

ADIH said it has signed memorandums to develop Porta Moda cities in Abu Dhabi, Qatar, Morocco, Tunisia and India. The investment house added that it aimed to create style hubs in emerging markets.

Emirates International Properties (EIP), the real estate arm of Emirates International Investment Company (EIIC) will develop Porta Moda Abu Dhabi, while Gulf Finance House (GFH) will establish Porta Moda cities in Morocco and Tunisia. Qatar Entertainment City and India Entertainment City will develop Porta Moda Qatar and Porta Moda India respectively.

ADIH is one of the Middle East’s most prominent financial institutions, and will soon create a ‘Style City' fund through its underwriters – marketing the fund throughout the Gulf. The fund is also being marketed to international investors, based on high levels of indicated interest.

The development follows ADIH's landmark concept, 'Entertainment City', which is currently being implemented in Qatar and India. This brand was established by ADIH in 2006 and features a mix of hospitality, leisure and recreational facilities.

The Entertainment City concept is already tipped to be a money-maker. The fund, which has an investment period of two and a half years, is expected to achieve a spectacular 75 percent return on investment.

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