In a momentous event marking a new standard of luxury residential development, MERED, a prominent international real estate developer, joined forces with Dutch Foundation Dubai (DFD), a leading full-service engineering foundation company, to commence the groundbreaking ceremony for the highly anticipated ICONIC Tower in Dubai. The ground-breaking ceremony was attended by distinguished partners, influential stakeholders, and industry leaders, signifying the official commencement of construction.

DFD brings a wealth of experience and a dedicated workforce of over 500 professionals to the partnership, while MERED contributes its strong expertise in construction quality, building standards, and an international team of visionary experts, collectively ensuring a robust foundation for the project’s success. Harnessing the momentum of Dubai’s thriving real estate market, where prime residential capital values soared by 17.4% in 2023 and property demands are projected to rise between 4-59% in 2024, the ICONIC Tower is poised to transform the cityscape and enhance residents’ lives with unparalleled quality and luxury services.

At the ceremony, Diana Nilipovscaia, CEO at MERED said: “The construction journey ahead promises to redefine architectural excellence in Dubai. Our bold vision, crafted from the MERED team’s development expertise and Pininfarina’s renowned design legacy, positions the ICONIC Tower as a beacon of avant-garde design and quality. With total real estate transactions in the emirate increasing by 33.8% annually, and values rising more than 36.7%, the ICONIC Tower is perfectly positioned to meet the growing demand for luxury living in Dubai. This project embodies innovation, beauty, and exceptional living experiences. We extend our gratitude to our esteemed partners: Dutch Foundation, Mirage, and Omnium, whose contributions are invaluable to achieving our shared mission.”

Michel Farah, General Manager of Dutch Foundation Dubai, said: “We are committed to this project and we will finish it on time.”

Post the groundbreaking, key partners in attendance also shared their enthusiastic support for the project.

Amar Tahliani, CEO of Mirage, said: “You gave us an opportunity to work on this project, and we are really proud of it.”

Peter Westeng, Chairman and CFO at Omnium, expressed: “This is the beginning of a really beautiful project.”

Kieran Duckworth, Director, at Omnium, commented: “Hopefully, this is the start of a long-lasting partnership with MERED on this project and in the future.”

Designed to soar to a majestic height of 286.4 meters, the ICONIC Tower will be an architectural marvel. With 311 opulent apartments offering unrivalled luxury living experiences, the tower will also feature an array of world-class amenities, including a private lounge & dining room, state-of-the-art gym, private cinema, infinity pool, jacuzzi, sauna, ice spa and more. Moreover, the tower will provide 423 dedicated parking spaces, including exclusive air-conditioned spots, ensuring convenience and comfort for residents.

As Dubai’s residential market continues to flourish, the ICONIC Tower stands as a testament to MERED’s unwavering commitment to excellence and innovation. With construction slated for completion by September 2027, the tower promises to redefine luxury living in Dubai and leave an indelible legacy on the city’s skyline.