Chinese firm wins huge $1.2 billion contract to develop The Island

The mammoth project is planned to include properties featuring the MGM, Bellagio and Aria hotel brands.

It has been an eventful few weeks in the world of UAE construction – according to news reports, a contract worth a massive AED4.4 billion ($1.2 billion) has been awarded to the Beijing-based China State Construction Engineering Corporation by local developer Wasl to construct the Dubai project The Island.

This comes on the back of another major construction announcement last week for the $4.9 billion Blue Line expansion to the Dubai Metro system.

The planned Island project is located off the coast near to the Jumeirah Beach Hotel and Marsa al-Arab and is set to feature 1,400 hotel rooms and apartments, as well as retail, dining, and entertainment options.

“This is the biggest construction deal in the emirate since local contractor Alec won the US $1.36 billion contract from local developer Ithra to construct One Zabeel in 2017,” stated business news outlet MEED.

The MGM, Bellagio, and Aria hotel brands will all be represented in the project’s planned properties and it’s reported that The Island will also host casinos if the UAE establishes gaming, as Ras Al Khaimah is now doing.

Sources:
MEED | Chinese firm wins largest construction contract in Dubai since 2017
PropertyNews.ae | Construction contract awarded to Chinese firm in Dubai since 2017