Dubai Holding has awarded its largest construction contract to date, valued at Dh5 billion ($1.36 billion), to a Chinese firm to build the group’s new headquarters and Jumeirah Residences Emirates Towers in Dubai.
The contract was awarded to China State Construction Engineering Corporation Middle East, Dubai Holding said in a statement on Wednesday.
The Dubai Holding headquarters, designed by US architectural and urban planning firm Skidmore, Owings and Merrill, is scheduled to open in 2029.
Jumeirah Residences Emirates Towers is scheduled for completion in 2030. It comprises 754 branded residences across two towers.
“For more than two decades, Dubai Holding has been an important contributor to the emirate’s transformation, enabling economic activity equivalent to 30 per cent of Dubai’s GDP,” Sheikh Ahmed bin Saeed, chairman of Dubai Holding, said.
“This investment reflects the same long-term ambition: to keep setting new standards for what a global city can achieve, and to strengthen Dubai as a global hub for business, investment and talent.”
Dubai Holding has a portfolio of more than Dh500 billion worth of assets across 10 sectors including real estate, hospitality, entertainment, retail, media and investments.
In May, the group became the largest shareholder in Emaar Properties after acquiring a 22.27 per cent stake in the developer from the Investment Corporation of Dubai.
Dubai Holding’s total shareholding in Emaar increased to 29.73 per cent following the deal.
The awarding of the new contract comes against the backdrop of a UAE property market where prices are still climbing, but growth has started to cool amid continued regional tensions.
Dubai residential prices climbed by about 1.9 per cent annually in the second quarter of this year, with apartment prices increasing by 1.3 per cent and villas by 5.7 per cent, according to consultancy CBRE.
“These landmark developments reflect the resilience and strength of Dubai’s economy and reinforce our confidence in its continued growth,” Tian Sanchuan, chairman of China State Construction Engineering Corporation Middle East, said.
CSCEC ME has been operating in the UAE since 2003. It has delivered more than 110 large-scale projects across the Gulf, spanning residential, commercial, hospitality and infrastructure. It is a subsidiary of China State Construction Engineering Corporation, one of the largest construction firms in the world.
