A joint venture of South Korea’s Ssangyong Engineering & Construction and Abu Dhabi’s National Projects & Construction (NPC) has been selected for an estimated AED600m ($163m) construction contract on the Deira Waterfront Development in Dubai.

The contract involves building mid-rise mixed-use buildings that include office, residential and office space. It is understood the buildings will be 15-18 storeys in height and will have a total built-up area of about 140,000 square metres.

It will be built on the Deira corniche looking out to the Gulf and Nakheel’s offshore Deira Islands development.

Another construction package on the development has also been tendered.

The consultant is US-based AE7. The scheme is being developed by Deira Waterfront Development, which is a wholly-owned real estate subsidiary of the Investment Corporation of Dubai (ICD).

ICD bought a controlling stake in Ssangyong for about $181m in February 2014.

Earlier this year ICD awarded contracts to joint ventures including Ssangyong on two other projects.

For the expansion of the Atlantis resort on the Palm Jumeirah, ICD has selected a joint venture of Ssangyong and the local/Belgian Belhasa Six Construct.

For the ICD Brookfield Place at Dubai International Financial Centre, which ICD is developing in joint venture with Canada’s Brookfield, a joint venture of Ssangyong and Brookfield Multiplex has been selected.