Local developer Nakheel plans to award the estimated AED1.4bn ($381m) contract to build its Palm Gateway scheme in Dubai before the end of May.

“We got bids back,” Nakheel chairman Ali Rashid Lootah said on 13 April. “We will award it within one month.”

The project involves the construction of three towers and a beach complex, and is expected to take about three years to complete. It will be built on top of an existing car park that serves the Palm monorail on Al-Sufouh road at the entrance to the Palm Jumeirah.

The construction contract was retendered late last year.

In early 2016, Nakheel had selected a joint venture of South Korea’s Ssangyong Engineering Corporation and China State Construction Engineering Corporation for the construction contract.