Dubai-based developer Gemstone has announced the signing of a partnership with Kempinski Residences to manage and operate its new Kempinski Residences Business Bay project.
Gemstone Real Estate Development, the property development arm of Saudi Arabia's Al Rajhi Holding Group, said the project is expected to be completed by the fourth quarter of 2019.
It added in a statement that it will offer luxuriously furnished serviced residences with views of many of Dubai’s famous landmarks.
Federico Tauber, CEO of Gemstone, said: “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.”
Markus Semer, chairman and CEO of Kempinski added: “Our new Kempinski Residences project enjoys an excellent location, complementing the Kempinski portfolio in Dubai perfectly. With Expo 2020 fast approaching and the demand for 5-star serviced residences expected to grow significantly, we look forward to welcoming residence owners and guests to this amazing property.”
The project will include facilities such as a Chef’s Kitchen, offering privately catered functions as well as cooking classes, and a Leisure Deck with four pools, a sunset terrace and recreational area.
"Kempinski is very pleased to be partnering with Gemstone on this exciting project," said Semer. "We are confident that this landmark development will become one of Dubai's premier destinations for residence owners, families, VIPs, long-stay business travelers and those who appreciate a high quality residence centrally located in this dynamic city."
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