Nakheel, owned by the United Arab Emirates, announced the award of three contracts worth 5 billion dirhams ($1.36 billion) to build 723 villas on Palm Jebel Ali, the largest of Dubai’s artificial islands, according to a statement, and the work is scheduled to be completed by the end of 2026.
The contracts allow Genco General Contracting, Shapoorji Pallonji Middle East, and United Engineering Construction to begin construction of the villas, which will range in size from 8,000 to 15,000 square feet, and approximately a quarter of them will provide seven bedrooms.
Palm Jebel Ali was among hundreds of projects that were canceled or postponed when Dubai’s real estate market suffered in the wake of the 2008 financial crisis, but work on development resumed as the market rebounded after the Corona epidemic, with real estate prices and rents rising amid the influx of new arrivals to the city.
The area of Palm Ali is almost twice the size of Palm Jumeirah, another palm-shaped island in Dubai, and last year, hundreds of buyers lined up in temperatures reaching 100 degrees Fahrenheit (38 degrees Celsius) to buy luxury homes on Palm Jebel Ali.
In total, Palm Jebel Ali has 16 fronds and the contracts awarded on Wednesday allow developers to begin construction on the island’s first six fronds, according to the statement.
The government plan for the island includes building 80 hotels and resorts and will add more than 90 kilometers to Dubai’s coast. Officials hope that the project will accommodate up to 35,000 families and that nearly a third of its public facilities will be operated with renewable energy.
Source: “Bloomberg”
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