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Taraf Properties, the real estate division of UAE-based investment group Yas Holding, has appointed Al Ashram Contracting as the main contractor to build the Luce Residences project in Dubai.

Located on the east crescent of Palm Jumeirah, the beachfront development is a nine-storey residential building comprising 38 two-, three- and four-bedroom units.

Local enabling contractor APCC Building Contracting won the enabling works contract for the Luce Residences in July last year.

The piling works began in August last year. Abu Dhabi-based MZ Architects is the project consultant, and the project is scheduled to be completed by January 2026.

Dubai real estate developments dominate the UAE’s construction market, with schemes worth over $323bn in execution or the planning phase.

Growing demand for property in Dubai, combined with a resilient economy, has brought optimism to the emirate’s real estate market.

As the market develops further, a broader range of opportunities is expected to emerge for both local and international contractors.

This is in line with GlobalData’s forecast, which expects the UAE construction sector’s output to grow by 4% in real terms in 2024 and 4.2% in 2025, supported by developments in infrastructure, energy and utilities, and residential construction projects.