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FINANCIAL NEWS
Flavio Briatore opens $150m luxury project in Dubai
12 Dec 2010
(MENAFN) Italian business personality Flavio Briatore announced the launch of his “Billionaire’s Square” luxury project located in Dubai Media City, valued at $150 million, in conjunction with Lebanon’s Pragma Group, Arabian Business reported.
The project which will target the mid to upper segment of the market, shall include a boutique hotel, as well as a Billionaire Bar and Grill, alongside other restaurants, bars and a fitness club, and is scheduled to be completed in December 2011, revealed Briatore.
Joe Tabet, Chairman at Pragma Group, which already operates a number of lifestyle destinations in Dubai, including the Cavalli Club in the Fairmont and the 400 Club, revealed that MZ Architects were appointed as the lead architectural consultants for the project; however, the full contractor is yet to be appointed.
According to Tabet, Briatore’s “Billionaire�s Square” is expected to be turning a profit within the first year of operations.
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