① UAE developer Wasl awarded China Construction Group The Island Real Estate Development Project construction contract; ② The contract amount for the project reached 1.2 billion US dollars, the highest in the local construction market in six years.
Financial News Agency, November 28 (Editor Qi Lin) According to local media reports, UAE real estate developer Wasl awarded China Construction Group Corporation (China Construction for short) a construction contract for a large-scale real estate development project. The contract amount was 4.4 billion dirhams (about 1.2 billion US dollars), the highest in the local construction market in the last six years.
The project is called The Island project, and tendering began in 2020. Companies participating in the bidding include Alec, a local builder from the UAE, UAE Arab Construction Company, and overseas construction companies such as Belgium's Bel Hasa Six Construct and China Construction Group.
Alec's strength should not be underestimated. In 2017, it took over the One Zabeel project invested and developed by local developer Ithra in the UAE. The contract amount was US$1.36 billion.
The project that China Construction Group won the bid for is located in the Jumeirah region of Dubai. It is located on an artificial island with an area of about 10.5 hectares. It mainly develops high-end hotel and entertainment consumption facilities. It will have more than 1,400 hotel rooms, suites and apartments, and will introduce hotel brands including famous Las Vegas hotels such as MGM, Bellagio and Areia.
Note: Project renderings
Since the MGM Group also has a gaming business. The market expects that if the UAE passes a decision to expand the scope of legalization of the gaming industry in the future, the island will also introduce gaming business.
As tourism and trade industries recover after the pandemic, local real estate development in Dubai is progressing rapidly. In September of this year, the Palm Jebel Ali (Palm Jebel Ali) real estate project, which had been stagnant for more than ten years, went on sale again, opening up the first batch of off-plan villa sales, driving local real estate sales in the third quarter to a new high in 10 years.
Recently, the Dubai authorities also approved the Blue Line subway project, which cost 18 billion dirhams (US$4.86 billion). A tender for the project began in early November and is scheduled to be completed in 2029.