Athens-based Consolidated Contractors International Company and the local Al-Shafar General Contracting have been chosen for the contracts, both of which are estimated to be worth about AED1bn ($272m).
The first stage of the development, known as the village centre, contains two mid-rise buildings each with about 650 apartments and a variety of shopping, including a supermarket, restaurants and cafes.
The overall project is a self-contained community of 2,300 homes between Jumeirah Islands and Jumeirah Lake Towers. It will eventually house about 11,000 people.
The consultant is the local Arenco. US-based Turner International is the project manager.