Local developer Emaar Properties is preparing to tender the contract to build the planned opera house at the Downtown Dubai area.

Emaar invited contractors to express interest in working on the Dubai Modern Art Museum and Opera House District in May. The district will be built next to its Burj Khalifa development in the Downtown Dubai area. In addition to the opera house, the development will also contain two hotels, studios and leisure facilities.

Contractors have been prequalifying for the deal. The prospective bidders include:

• Al-Futtaim Carillion (local/UK)
• Arabian Construction Company (ACC) (Lebanon)
• Brookfield Multiplex (Canada)
• Consolidated Contractors Company (CCC) (Athens-based)
• Dutco Balfour Beatty (local/UK)
• Samsung C&T (South Korea)

Emaar is also preparing to tender the contract to build its The Address Residence Fountain Views at Downtown Dubai. The scheme is a 220-metre-tall, 60-storey, 280-unit luxury residential tower looking out to Burj Khalifa, the world’s tallest building, and The Dubai Fountain.

The prospective bidders for the deal are:

• Al-Futtaim Carillion
• Arabian Construction Company
• Bel Hasa Six Construction (local/Belgium)
• Brookfield Multiplex
• Samsung C&T

Emaar is developing several new projects in the Downtown Dubai area. It is currently tendering an expansion to the Dubai Mall. It involves building a fashion avenue next to the existing mall, the lake, Burj Khalifa tower and the existing Address hotel offering 75,000 square metres of retail space and about 25,000 sq m of parking.

Last year, the developer awarded the contract to build the The Address The BLVD hotel and residential development in Downtown Dubai to Brookfield Multiplex.

Emaar has several real estate schemes in the pipeline. In partnership with Dubai-based Meraas Holding, the developer launched the lifestyle community project Dubai Hills Estate, the first phase of the Mohammed bin Rashid City, spanning over 11 million sq m.

The local Dubai Holding and Emaar have announced plans to build Mohammed bin Rashid City between Mohammed bin Zayed Road, Al-Khail Road and Sheikh Zayed Road. The megaproject will house the largest shopping mall in the world, more than 100 hotels, and will also contain a Universal Studios theme park.

Emaar’s financial performance has been solid as Dubai’s property market rebounds. The developer’s first-half profit totalled AED1.23bn ($335m), similar to the first-half of 2012 profit of AED1.22bn. Revenues were AED5.22bn, 33 per cent higher than that recorded during the same period of 2012. Reflecting its improved financial outlook, the developer has asked lenders on its $800m loan agreed in December 2011 to cut the pricing on the deal in half.