Dubai developer Nakheel expects to award more than AED10bn ($2.72bn) of construction contracts in 2017 as it moves forward with a series of major building projects.

“For sure 2017 will be much more. It will probably be the biggest,” says Ali Rashid Lootah, chairman, Nakheel. “In numbers we will award not less than AED10bn if consider all the projects.”

The expected total for 2017 is a significant increase on the value of awards made in 2016. Nakheel says that it awarded about AED6bn of contract awards this year.

Some of the awards, such as the contracts for Deira Islands Mall and the Palm Gateway Tower had been expected to be made this year. “There were a lot of [awards] that were supposed to be in 2016 that got shifted. We wanted to take more time with the design and be more diligent,” says Lootah.

The major contracts that are due to be awarded in 2017 include Deira Islands Mall, the Palm Gateway towers, Jebel Ali Gardens, the Palm 360 tower, and the continued expansion of Ibn Battuta mall.

The upcoming workload will need financing. “We will be borrowing for sure. We have a huge number of projects and we need financing. Banks are more than willing to deal with us. The company has proved itself and it is moving in the right direction building cash generating assets, so the company is getting healthier and stronger.”

Over the past two years Nakheel has been building assets that will give it steady long-term revenue streams and those projects are adding to revenues. It expects recurring income to exceed AED2bn in 2016.

Retail is a key component of Nakheel’s plans to boost its recurring revenues and the developer has more than 5.6 million square feet of retail space under construction.