PF Emirates, the joint venture between Mubadala Development Company and Poltrona Frau Group, takes stock for the first time of its activities and intermediate results.
The joint venture was developed to act as an exclusive supplier in the retail sector, with the opening of flagship stores in the most important cities in the UAE, and above all in the contract sector, with the aim of furnishing the most exclusive real estate projects in the Emirates and spreading a culture of high quality design thanks to the major real estate expansion in Abu Dhabi.
The revenues of the joint venture are fully in line with the objective of 100 million Euros accumulated by 2011, thanks to business development in strategic areas and the acquisition of a number of important interior contracts, including but not limited to:
the Abu Dhabi Ministry of Foreign Affairs, valued at 30 million Euros
the Masdar Institute of Science and Technology university campus, valued at 15 million Euros
high-end office furnishings for Abu Dhabi corporate elite valued at 10 million Euros
the furnishing of the exclusive Shams Tower reserved for VVIP guests attending the Formula 1 races at Abu Dhabi’s Yas Marina Circuit
the production of the first class seats and waiting room seats for the Abu Dhabi based airline Etihad
These are just a few of the most recent highly prestigious projects that have contributed to establishing the Poltrona Frau Group, with the Poltrona Frau, Cassina, Cappellini and Alias brands, as a reliable partner capable of formulating targeted proposals for each contract thanks to the excellence of each of its companies.
In its first year of operations, PF Emirates fulfilled its goal of opening the Group's first flagship store in Abu Dhabi, through local partnerships, and has developed some of the most prestigious projects in the area, confirming the success of the strategic choices and the enormous market potential of the UAE.
The projects executed by PF Emirates to date are very complex and high-profile, confirming the Group's expertise in providing turn-key solutions as well as its know-how when working in close collaboration with architects and designers.
The Masdar Institute of Science and Technology (M.I.S.T.), designed by Foster&Partners and due to open this autumn, is a next generation university campus developed together with the M.I.T of Boston, the most prestigious university in the world in the field of science and technology, according to the most advanced parameters in terms of sustainability and respect for the environment.
The apartments for lecturers and students, the communal areas, the library, the halls and the meeting rooms were furnished with Alias and Cappellini products, while the majority of the furnishings designed by Foster&Partners were specially produced by Cassina.
The contract to redesign the building that will host the Ministry of Foreign Affairs (MOFA) is particularly prestigious. The spaces on the seven floors, including the area that will host the ministry's offices, will be furnished with Poltrona Frau office products, created by Italian designers of international renown such as Lella and Massimo Vignelli, Claudio Silvestrin and Luca Scacchetti.
Another high-profile project is the one created for the top two floors of the Shams Tower, located on Yas Island, location of the first ever Abu Dhabi GP on 1 November 2009. Entirely reserved for the ruling family and their international guests, the spaces are furnished with Poltrona Frau products, highlighting the continuity of the Italian luxury company which was official supplier to the Italian Royal family in the 1930's.
The partnership with Etihad, who made the biggest civil aviation order in the world (250 airplanes for 43 billion dollars), includes the development of the fleet’s first class suites – eight airplanes completed so far – and also extends to the furnishing of all lounges that the Abu Dhabi based airline will open in some of the world’s most important hubs. Another step forward in the Group’s international growth process.
“We are totally satisfied with the results attained so far by the joint venture – declared Dario Rinero Poltrona Frau Group’s CEO. The strategic decision to create a joint venture with a high-profile partner like Mubadala has significantly accelerated business growth in a priority area for us. The results we have reached so far show that the market is ready to appreciate the values that distinguish the companies of the Group. I’m confident that we will meet the objectives we have set ourselves for the future."
“We are delighted that the joint venture with the Poltrona Frau Group has taken the direction we hoped for – commented Ossama Khoreibi, Chairman of PF Emirates. In a market in which there is constant growth in demand for high-end design, it is crucial that we offer high-quality products that best interpret the excellence of ‘Made in Italy’. A solid and reliable partner like the Poltrona Frau Group gives us added strength towards satisfying the requirements of our continuously evolving market.”
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