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UAE firm Engineering Contracting Company has won a contract to build the Palace Residences Creek Blue residential development at Dubai Creek Harbour.

The 50-storey tower is located in the second phase of the development's Bridge District and covers an area of over 98,000 square metres.

The contract was awarded by Dubai-based real estate developer Emaar Properties.

Dubai-headquartered Mirage is the project consultant.

Construction work has started, with local firm Dutch Foundation carrying out the enabling works.

The project is scheduled for completion by 2028.

In March, MEED reported that Emaar Properties was set to relaunch its efforts to build Dubai Creek Tower – which was once touted to become the world’s tallest tower – along with a mall in Dubai’s Creek Harbour area.

According to local media reports, the firm has earmarked a budget of about AED14bn ($3.81bn) to develop both projects.

The developments are fundamental to Emaar’s plans to spend about AED65bn ($18bn) over the next five years.

Dubai’s heightened real estate activity has led to record-breaking announcements from several UAE-based real estate firms. 

In February, Emaar reported a total revenue of AED19.1bn ($5.2bn) in 2024, a 61% increase from 2023. It said it recorded a net profit before tax of about AED10.2bn ($2.8bn), a 20% rise compared to 2023.

According to a report published by Emirates News Agency (Wam) earlier this year, the total value of real estate transactions reached AED893bn, with over 331,300 transactions recorded in the UAE last year.

UK analytics firm GlobalData forecasts that the UAE construction industry will register an annual growth of 3.9% in 2025-27, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects.