DAMAC Properties launched Safa Two in June 2022 with the Swiss jeweller de GRISOGONO, following the earlier Safa One, which is located opposite. Gulf News reported that it was the first project DAMAC launched after its founder Hussain Sajwani confirmed he had bought the jewellery brand. The launch announcement described a blended twin tower of more than 80 storeys with views of the Dubai Canal, Burj Al Arab and the Palm.
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The design follows de GRISOGONO's styles, with a scarlet theme taken from Virgin Scarlet, a 45.39-carat ruby ring from the collection of the brand's founder Fawaz Gruosi. The towers are linked at the base, the middle and the crown. The launch plans placed a "ruby heart" with a floating pool on the 60th floor, and at the crown a Fog Forest with landscaping and man-made fog, an observation deck, food outlets, a glass slide and an Edge Walk spanning both towers. The podium was to have an artificial beach pool and an elevated public glass pool. CTBUH lists Killa Design as design architect and Dar al-Handasah Shair & Partners as architect of record.
CTBUH gives 2023 as the start of construction. In December 2023 DAMAC reported that excavation and piling were finished and substructure work was under way, with completion anticipated in 2027. In June 2024 China State Construction Engineering Corporation Middle East announced that it had been awarded the contract by a DAMAC subsidiary, covering structure, decoration and landscaping. In December 2024 the contractor completed the raft slab pour of more than 25,000 m³ of concrete with about 14,000 tonnes of reinforcement.