The Dubai Holding construction contract worth AED5 billion will deliver the group’s new headquarters and 754 branded homes at Jumeirah Residences Emirates Towers.
DUBAI: The Dubai Holding construction contract worth AED5 billion has become the largest single building contract awarded by the group, advancing two major developments that will reshape a prominent part of Dubai’s commercial and residential landscape.
The contract has been awarded to China State Construction Engineering Corporation Middle East, or CSCEC ME, for the delivery of Dubai Holding’s new corporate headquarters and Jumeirah Residences Emirates Towers. The signing was witnessed by Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding.
What will the AED5 billion contract deliver?
The first major component is Dubai Holding’s new headquarters, which is scheduled to open in 2029.
Designed by global architecture and engineering practice Skidmore, Owings & Merrill, the headquarters will feature a distinctive circular form built around an open-air atrium and landscaped courtyard.
The development will bring Dubai Holding’s businesses together under one roof, with sustainability, technology, employee wellbeing and collaboration forming important parts of the design.
The Dubai Holding construction contract will also advance Jumeirah Residences Emirates Towers, a luxury residential development by Meraas.
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What is planned at Jumeirah Residences Emirates Towers?
The project will comprise 754 branded residences across two towers, with handover scheduled for 2030.
Designed by SCDA Architects, the development will combine contemporary architecture with Jumeirah’s hospitality and service offering. Residents will also have access to lifestyle, wellness and leisure facilities.
Its location near Emirates Towers will provide connectivity to some of Dubai’s major business, cultural and lifestyle destinations.
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Why is Dubai Holding making such a large investment?
Dubai Holding says the investment reflects its long-term strategy of deploying capital into assets capable of supporting Dubai’s economic growth.
The group manages a portfolio worth more than AED500 billion across 10 sectors, including property, hospitality, retail, entertainment, media and investments.
CSCEC ME, meanwhile, has operated in the UAE since 2003 and has delivered more than 110 large-scale projects across the Gulf spanning residential, commercial, hospitality and infrastructure developments.
The record Dubai Holding construction contract also comes as major developers continue committing significant capital to Dubai despite signs that the pace of residential price growth is becoming more moderate.
For the city, the two projects add another wave of high-profile construction around the Emirates Towers district, combining a major corporate workplace with hundreds of luxury residences.
With delivery stretching through 2029 and 2030, the AED5 billion award also demonstrates continued confidence in Dubai’s longer-term business, property and investment outlook.
Impact to expect
Growth. The record construction award could support jobs and investment while adding new premium office and residential space to one of Dubai’s most important business districts.
