The local Dubai Contracting Company (DCC) has been awarded the estimated AED 650 million ($176 million) residences package on the Fairmont Palm Residences & Hotel project on Palm Jumeirah.The residences, which are being developed by Kuwait-based IFA Hotels & Resorts, will comprise 580 luxury apartments, townhouses and villas for about 2,000 residents. A contractor has still to be appointed for the hotel element, which covers the construction of a 400-room luxury resort. Work on both projects is due to be completed by 2008. DCC entered negotiations after only one bid was submitted for the project, by the local Arabtec Construction, in February. The local ALEC and the local/UK Al-Naboodah Laing O’Rourke were the other prequalifiers. The local/Swiss Arabian Forasol is working on the foundations package. The UK’s Mace International is the project manager (MEED 24:2:06).