Gemstone Real Estate Development selects Kempinski Residences SA to operate its prestigious Business Bay Tower

Dubai, UAE -- Gemstone Real Estate Development (Gemstone), announced today the signing of a strategic partnership with Kempinski Residences S.A. (Kempinski) to manage and operate its new project: Kempinski Residences Business Bay.

Headquartered in Dubai, Gemstone is the property development arm of Al Rajhi Holding Group, one of Saudi Arabia's leading business houses with interests in real estate, building materials, contracting, infrastructure and industry.

Mr. Federico Tauber, CEO of Gemstone, announced: "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. Combined with our best-in-class product which will set new benchmarks in livability, quality of life, convenience, Gemstone can offer a good return on investment to our valued owners and investors."

Mr. Markus Semer, Chairman of the Management Board & CEO of Kempinski said, "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 is expected to be completed by Q4 2019 and will offer luxuriously furnished and impeccably finished serviced residences with spectacular views of many of Dubai's famous landmarks. With a wide choice of residence layouts, types and sizes, investors have a choice of three design styles for the beautifully appointed interiors, ensuring this free-hold property caters to a wide range of tastes and requirements. Facilities such as a Chef's Kitchen, offering privately catered functions as well as cooking classes, or a Leisure Deck with four pools, a sunset terrace and recreational area, are part of delivering the luxury residence lifestyle to residence owners and guests.

"Kempinski is very pleased to be partnering with Gemstone on this exciting project," continued Mr. 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. Residence owners and guests will be able to benefit from luxury services during their stay, with additional tailor-made services available on request."