Gemstone Real Estate Development, the property development arm of Saudi Arabia’s Al Rajhi Holding Group, has signed a partnership deal with hotlier Kempinski to manage and operate apartments at a new tower in Dubai’s Business Bay.
Kempinski Residences Business Bay will consist of furnished apartments with facilities including a chef’s kitchen for privately catered functions and cooking classes and leisure deck with four pools and a sunset terrace.
The 65-storey tower will comprise 800 serviced hotel apartments, according to protenders.com, and is scheduled for completed in the fourth quarter of 2019.
“The partnership with Kempinski is the start of a long-term relationship, as we entrust them with the management and operation of our 5-star luxury serviced residences in Business Bay. We firmly believe the Kempinski brand stands for unrivalled quality, proven reliability and undisputed value-added services gained from decades of experience,” said Gemstone CEO Federico Tauber.
Kempinski chairman and CEO Markus Semer said he expected the project to become one of Dubai’s “premier destinations” for residence owners.