Dubai Holding has announced the award of its largest construction contract to date, a substantial Dh5 billion (approximately $1.36 billion) deal. The contract has been secured by China State Construction Engineering Corporation Middle East and will facilitate the development of two significant projects: Dubai Holding’s new headquarters and Jumeirah Residences Emirates Towers.
The new Dubai Holding headquarters, a flagship project designed by the renowned US architectural and urban planning firm Skidmore, Owings and Merrill, is slated for completion in 2029. This development underscores Dubai Holding’s strategic vision, building on its over two decades of contributions to Dubai’s economic landscape, which has seen it enable economic activity equivalent to 30 percent of Dubai’s GDP.
The second component of this landmark contract is the Jumeirah Residences Emirates Towers. This development will feature 754 branded residences distributed across two towers, with its completion targeted for 2030. The scale of these projects highlights Dubai Holding’s continued investment in the emirate’s growth and its ambition to set new benchmarks for urban development.
Dubai Holding manages an expansive portfolio exceeding Dh500 billion ($136 billion) across 10 diverse sectors, including real estate, hospitality, entertainment, and investments. The group recently expanded its influence in the property sector by becoming the largest shareholder in Emaar Properties. Following the acquisition of a 22.27 percent stake from the Investment Corporation of Dubai in May, Dubai Holding’s total shareholding in Emaar increased to 29.73 percent.
This significant investment comes amidst a dynamic property market in Dubai. While residential property prices continued to climb in the second quarter of the year, showing an annual increase of approximately 1.9 percent, there are indications that the pace of growth has begun to moderate. Villa prices, in particular, saw a stronger rise of 5.7 percent, according to data from CBRE. The awarding of this contract reinforces Dubai Holding’s long-term commitment to enhancing Dubai’s position as a global hub for business, investment, and talent.