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Chinese firm Shaanxi Construction Engineering Group has won a contract from Dubai-based real estate firm One Development to undertake the main works on its AED2bn ($545m) Laguna Residence project.

The project comprises 51-storey-tall twin towers connected at the podium level.

It will offer a mix of 1,492 studios and one-, two- and three-bedroom apartments.

The main construction works are expected to begin shortly, and the project is slated for completion by 2028.

Local architectural firm Adnan Saffarini is the project consultant.

Dubai-based Terra Group is the project management consultant.

The enabling works are ongoing and are being undertaken by the local International Foundations Group.

One Development’s latest contract award in the UAE market is backed by heightened real estate activity in the construction sector, with schemes worth over $323bn in the execution or planning stages, according to UK-based analytics firm GlobalData.

The company forecasts that output from the UAE’s residential construction sector will grow by 3% in real terms between 2026 and 2029, supported by infrastructure, energy and utilities developments, as well as residential construction projects.

READ THE JANUARY 2026 MEED BUSINESS REVIEW – click here to view PDF

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Distributed to senior decision-makers in the region and around the world, the January 2026 edition of MEED Business Review includes: