Local developer Meraas Holding has awarded contracts estimated to be worth AED2.8bn ($763m) for construction work on its Bluewaters island scheme, which is being built off Dubai’s coast close to Jumeirah Beach Residences.

Canada’s Brookfield Multiplex has started work on the estimated AED1.4bn hospitality component of the development, while a joint venture of the UK’s Kier and the local Al-Shafar General Contracting has been awarded another package also valued at about AED1.4bn for the residential buildings on the island.

At the end of last year, the local Alec was awarded the estimated AED1.2bn contract to build the Wharf retail at the end of last year.

The shopping area will have two large parking basements and about 50,000 square metres of retail space.

The consultant is WSP. The cost consultant is the local office of Rider Levett Bucknall. South Africa’s Mirage Mille was appointed as the programme manager for the development in January this year.

The Bluewaters scheme also includes the AED1bn Dubai Eye, which will be the world’s largest Ferris wheel. South Korea’s Hyundai Contracting and the Netherlands-based Starneth Engineering have been appointed as the design-and-build contractors for the 210-metre-tall Ferris wheel.

For access onto the island one of the interchanges on Sheikh Zayed road is being upgraded. In March 2014, the local/Australian Habtoor Leighton Group (HLG) was awarded an estimated AED500m contract to build the access bridge.

The project to upgrade interchange 5.5 in the Dubai Marina area involves building a 1.4-kilometre-long, 25-metre-wide flyover that will take road traffic from Sheikh Zayed Road to the Bluewaters island. The bridge will also take a new rail link to the island from its terminal station on Sheikh Zayed Road opposite the existing Nakheel Harbour and Tower station. The other parts of the scheme include constructing ramps on to the bridge and service roads.

The consultant for the project is US-based Parsons International. Dubai’s Roads & Transport Authority (RTA) is responsible for the delivery and management of the scheme. Meraas is providing the funding.

Follow Colin Foreman on Twitter: @MEEDColin