Abu Dhabi Investment House (ADIH) on Monday launched a $7 billion development concept focused on fashion and design, which it plans to roll out across the Gulf, Africa and India.
The concept, called Porta Moda, comprises a retail district offering luxury brands in the fashion, jewellery and interior design fields, as well as residential, educational and leisure districts.
ADIH said it has signed memorandums to develop Porta Moda cities in Abu Dhabi, Qatar, Morocco, Tunisia and India. ADIH said 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. Entertainment City brand was established by ADIH in 2006 and features a mix of hospitality, leisure and recreational facilities.
ADIH said an investment fund would soon be created to offer both Gulf and international investor’s exposure to the projects.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.