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Dubai Issues 1.2B Wasl Island Project; Largest Construction Contract in Dubai Since 2017
Belgium-based China State Construction Engineering Corporation has been selected for the Wasl Island Project having secured the contract. The client company, Wasl has awarded the contract to the company with an estimate budget of $1.2bn. The awarding of this contract marks a significant milestone in Dubai’s infrastructure industry. This is because the contract is the largest construction deal to be secured in the Emirates in the recent past. A contract of this magnitude was last signed when local contractor, Alec secured a $1.36bn contract deal. The contract was on the construction of One Zabel from local-based developer Ithra in 2017.
The awarding of the Wasl Island Project also presents itself at a season when Dubai’s project market is at its peak. The market is also experiencing an increased optimism in its project developments. Projects such as the $4.9 Metro Blue Line extension are one of the many projects that the Emirates is harnessing its focuses on. The Wasl Island Project is planned to include various social facilities and amenities. This includes the MGM Bellagio as well as the Aria hotel brands. The island project is located on a 10.5-hectare island. If the Emirates government passes legalization that legalizes gambling, the island could be home to gambling. This is because the MGM company operates casinos in other jurisdictions outside UAE. There are expectations in the market that the Wasl island Project will harbor as a gambling hub in the country.
The Wasl Island Project is Expected to Feature 1400 Hotel Rooms and Apartments
The Wasl Island Project is expected to feature 1400 apartments and hotel rooms in addition to other social entities. This includes options to amenities such as retail shops, food and beverage cafes, and even entertainment options. The project is situated of the coast of Umm Sequim near the Jumeirah public beach. It is also next to the Jumeirah beach Hotel. Local-based company, APCC is assigned as the projects earthworks contractor. Germany’s Buro Kling Architectural Engineering Consultants has been assigned as the project’s consultants. The Wasl Island project will revolutionize Dubai’s construction industry for the better. |
