Kuwait’s Al-Osaimi Investments & Real Estate has invited contractors to submit bids by 10 April for the estimated $450m contract to build a resort on the Palm Jumeirah in Dubai.

According to sources close to the project, about 25 companies have been invited to bid for the project that involves building a hotel and villas on two plots of the crescent of the Palm Jumeirah near to the existing Atlantis resort.

The consultant is Lebanon’s Khatib & Alami.

The resort was launched before Dubai’s property market dipped sharply in late 2008.