The contract was awarded to Abu Dhabi-based Arabian Construction Company
Dubai-based real estate developer Meraas, which is part of Dubai Holding, has awarded an estimated AED2bn contract ($544m) to build its Design Quarter residential project in the city’s design district.
The contract was awarded to Abu Dhabi-based Arabian Construction Company (ACC).
The development is spread across three buildings offering over 558 residential apartments.
The construction works are expected to be completed in 2027.
The enabling works are progressing on the project and are being undertaken by the local International Foundation Group.
Dubai-based engineering firm Arif & Bintoak is the project consultant.
In April last year, ACC started work as the main contractor on the Six Senses Residences Dubai Marina project.
The 122-storey tower will be over 500 metres tall and will have more than 250 residential units, including two-, three- and four-bedroom residences; four-bedroom half-floor penthouses; four-bedroom duplex Sky Mansions; and five-bedroom triplex Sky Mansions.
Earlier this month, it was reported that ACC is planning an initial public offering (IPO) in the UAE.
According to media reports, ACC has approached several banks to “pitch for roles on the potential deal”.
No further details on the IPO and its timeline were revealed.
The UAE’s heightened real estate activity is in line with GlobalData’s forecast that the construction industry will register annual growth of 3.9% in 2025-27, supported by investments in infrastructure, renewable energy, oil and gas, housing, industrial and tourism projects.
The residential construction sector is expected to record an annual average growth rate of 2.7% in 2025-28, supported by private investments in the residential housing sector, along with government initiatives to meet rising housing demand.
READ THE MARCH MEED BUSINESS REVIEW – clck here to view PDF
Chinese contractors win record market share; Cairo grapples with political and fiscal challenges; Stronger upstream project spending beckons in 2025
Distributed to senior decision-makers in the region and around the world, the March 2025 edition of MEED Business Review includes:
> AGENDA 1: Chinese firms dominate region’s projects market > AGENDA 2: China construction at pivotal juncture > UPSTREAM 1: Offshore oil and gas sees steady capex > UPSTREAM 2: Saudi Arabia to retain upstream dominance > DIRIYAH: Diriyah CEO sets the record straight > SAUDI POWER: Saudi power projects hit record high > AUTOMOTIVE: Saudi Arabia gears up to lead Gulf’s automotive sector > EGYPT: Egypt battles structural issues > GULF PROJECTS INDEX: Gulf hits six-month growth streak > CONTRACT AWARDS: High-value deals signed in power and industrial sectors > ECONOMIC DATA: Data drives regional projects |
To see previous issues of MEED Business Review, please click here
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