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Saudi developer set to expand globally with 800M UAE dirham Dubai skyscraper

Saudi Arabian real estate developer Dar Al Arkan Real Estate Development Co. is set to expand into Dubai with an 800 million-United-Arab-Emirates-dirham, 34-story waterfront skyscraper, with groundbreaking scheduled for January 2018.

The high-rise development, dubbed "I Love Florence," will be built on the Dubai Water Canal in the Business Bay area, with Roberto Cavalli designing the interiors. Units at the building will be available in one-, two-, three- and four-bedroom residences.

Dar Al Arkan is the largest listed real estate developer in Saudi Arabia, according to a release.

As of Dec. 11, US$1 was equivalent to 3.67 UAE dirhams.