Dubai-based investment company Shamal Holding has announced a second tower at its Baccarat Hotel & Residences project in Downtown Dubai.

The 24-floor tower will feature 42 Baccarat-branded residences, food and beverage outlets and a pool.

New York-based architecture studio Libeskind designed the towers, while London-based design studio 1508 designed their interiors.

US-based Aecom is the lead designer and supervision consultant.

In April, MEED reported that Shamal Holding had awarded the main construction contract to build its Baccarat Hotel & Residences project in Downtown Dubai.

The contract was awarded to the Abu Dhabi-based Arabian Construction Company.

In an official statement, Shamal Holding said that the enabling works were fully completed and the mobilisation works for the main works would start immediately.

The piling works started in January last year and were being undertaken by local firm Swissboring.

The hotel and serviced residences will be part of a new luxury development facing Dubai's Burj Khalifa, the world’s tallest building.

The twin towers will have glass facades that pay tribute to French firm Baccarat’s heritage as a manufacturer of fine crystal.

The project is expected to be completed in 2026.

Dubai real estate developments dominate the UAE’s construction market, with schemes worth over $323bn in the execution or planning stages, according to UK analytics firm GlobalData. It projects that the output of the UAE construction sector will grow by 4.2% in real terms in 2025, supported by developments in infrastructure, energy, utilities and residential construction projects.