One at Palm is being developed jointly by both companies and will be managed by Omniyat. The enabling work are due to start within the next two months.
The luxury residential building will be designed by Soma from New York, Super Potato from Japan and Vladimir from Lebanon.
Omniyat executive chairman and CEO Mahdi Amjad said: “Omniyat is very excited about developing this magnificent, super-luxury real estate project situated at the entrance of The Palm Jumeirah. We believe this plot is the perfect location to build such an iconic development that will be a global collaboration with inputs from Dubai, Japan, New York and Lebanon. It will definitely stand out on the Dubai skyline.”
DSI vice chairman and CEO Khaldoun Al Tabari said: “We are delighted to partner with Omniyat to create a unique landmark on the iconic Palm Jumeirah skyline.”