India is among five countries where a leading United Arab Emirates (UAE)-based investment institution plans to set up a new Style City project.
The Abu Dhabi Investment House (ADIH) has announced the launch of 26 billion dirham ($7 billion) Style City, a project that will seek to attract international brand names in the style, design of fashion, jewellery, furniture and luxury living, the Gulf News reported.
Besides India, the Style City concept will be launched in Abu Dhabi in the UAE, Qatar, Morocco and Tunisia as part of a series of agreements ADIH has signed with major developers in these countries.
'There are many talented young designers in the region who are traditionally drawn to cities such as London, Paris, New York and Milan to develop their skills,' ADIH managing director Rashad Janahi was quoted as saying.
'We want to help provide them environments where they 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,' he added.
First of its kind, Style City, is a mixed-use development, comprising residential and retail components while focusing on fashion and style, according to the report.
It will feature a grand fashion district comprising premium and luxury brands in the fashion, jewellery and interior design fields, an educational district comprising institutions as well as museums and exhibition centres, and a residential and leisure district with townhouses, studios, luxury villas, cafes, restaurants and renowned boutique hotels and spas.
ADIH has also signed two pacts with Gulf Finance House (GFH), to establish Porta Moda, the commercial brand name for the Style City, in GFH's North African developments that are under way in Morocco and Tunisia.
Qatar Entertainment City and India Entertainment City in Navi Mumbai, which are being developed by ADIH, will be the locations of Porta Moda Qatar and Porta Moda India respectively.