Dubai-based real estate developer Emaar has appointed the local Al-Sahel Contracting Company as the main contractor for its Palace Residence project at the Dubai Creek Harbour development.
The contract covers the construction of 33-storey residential towers containing one, two, three and four-bedroom apartments.
The local Archgroup Consultants is the project consultant and TMF Euro Foundations is the piling contractor.
The project is expected to be completed by the second quarter of 2027.
The award for this project comes shortly after Emaar awarded Al-Sahel Contracting the contract to build its Marina Shores project in the Dubai Marina area.
In July, Emaar awarded the firm the main construction contract for its Golf Heights project. The project is located at Emirates Living in Al-Thanyah Third and involves the construction of a 39-storey residential tower comprising 277 one, two and three-bedroom apartment units.
In February, Emaar Properties reported a net profit of AED6.8bn ($1.9bn) in 2022, marking 80 per cent growth compared with the 2021 figure of AED3.8bn.
The company attributed its financial performance to the strengthening Dubai real estate market and rebound in global tourism, which drove its recurring revenue businesses.
New project launches drove Emaar group’s property sales to AED35.1bn in 2022, with a backlog of property sales reaching AED53.2bn.
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