Sunland’s international division Emirates Sunland Group has signed a joint venture agreement with Arabtec to build the $400 million Palazzo Versace Dubai and D1, an eight storey residential tower to be built alongside the hotel.
Under the agreement, all construction fees and margins will be shared equally.
The projects will be built on the newly announced Culture Village site on Dubai Creek.
Arabtec is the largest construction group in the United Arab Emirates, established 1975, the company is listed on the UAE stock exchange.
Arabtec is currently constructing 30 towers valued at $3 billion, ranging from 34-60 storeys, of which sixteen are residential apartment buildings.
The company is also a joint venture partner in the world renowned Burj Dubai, where upon completion will become the world’s tallest structure at 750 metres.
Sunland’s managing director Soheil Abedian said the alliance with Arabtec is critical to the delivery of Palazzo Versace and D1 and will give the group a head-start in a competitive construction market.
By Kathryn O’Meara
