Dubai Holding awards AED5 billion construction contract to CSCEC ME

Dubai Holding has announced it has awarded the largest construction contract in its history to a Chinese firm to construct its new headquarters and Jumeirah Residences Emirates Towers. The contract, valued at Dh5 billion, was given to China State Construction Engineering Corporation Middle East. The Dubai Holding headquarters, designed by Skidmore, Owings & Merrill, is set to open in 2029.

The Jumeirah Residences Emirates Towers, which will feature 754 branded residences across two towers, is scheduled for completion in 2030. Sheikh Ahmed bin Saeed, chairman of Dubai Holding, emphasized the company's role in the emirate's transformation, driving economic activity equivalent to 30 percent of Dubai's GDP. The investment reflects Dubai Holding's commitment to setting new standards for global cities and strengthening Dubai as a hub for business, investment and talent.

Dubai Holding operates in 10 sectors, including real estate, hospitality, entertainment, retail, media and investments, with assets worth over Dh500 billion. In May, the group became the largest shareholder in Emaar Properties, owning 29.73 percent following a deal with the Investment Corporation of Dubai. The announcement of the new contract comes as the UAE property market prices continue to rise, although growth has begun to slow due to ongoing regional tensions.

Residential prices in Dubai increased by 1.9 percent annually in the second quarter of the year, with apartments growing by 1.3 percent and villas by 5.7 percent, according to CBRE consultancy. Tian Sanchuan, chairman of China State Construction Engineering Corporation Middle East, stated that these landmark developments demonstrate Dubai's resilient and growing economy, reinforcing their confidence in its future success.

CSCEC ME has been active in the UAE since 2003 and has completed over 110 large-scale projects across the Gulf, encompassing residential, commercial, hospitality and infrastructure sectors.