The two projects are being developed by the local Azizi Investments, and are located on Crest A and Crest E on the Palm.

No details of the two developments have yet been released.

The award follows reports that Azizi purchased 85,000 square metres of land on Palm Jebel Ali and Dubai World Central for the development of real estate projects.

The firm acquired 57,000 square metres of plots on Crest A and Crest E on the Palm, with further negotiations under way with the Palm developer, Nakheel, for further plots.

As part of a three-year plan it intends to increase its land bank on the island to more than 137,000 square metres.

The estimated value of property projects that are earmarked for both sites by Azizi is AED3.5bn ($953m).