Dubai developer Wasl has awarded an estimated $1.2 billion contract to Beijing-based China State Construction Engineering Corporation (CSCEC) to develop a future entertainment and tourism island where a planned MGM integrated resort will be located.
Aside from CCSC, prospective bidders for The Island project include the local Alec, the local Arabian Construction Company, the local/Belgian Bel Hasa Six Construct, the Saudi Binladin Group, and India’s Shapoorji Pallonji.
The China State Construction Engineering Corporation is the largest construction company in the world by revenue.
According to the publication Middle East Business Intelligence, this will be the largest construction deal to be signed in the emirate since 2017.
The Island project will be located on a 10.5 hectare island off the coast of Umm Suqeim, near the Jumeirah public beach next to the Jumeirah Beach Hotel and Marsa al-Arab.
The project is planned to include properties featuring the MGM, Bellagio and Aria hotel brands, including in total 1,400 hotel rooms and apartments, in addition to retail, food and beverage, and entertainment options.
MGM is developing its project in partnership with the Wasl Asset Management Group, one of the largest real estate development and management companies in Dubai.
The future resort is being designed with a flexible space of 150,000 square feet and could include a casino if gaming legalization goes forth in the emirates.
MGM’s Chief Executive Officer and President, Bill Hornbuckle, has already indicated that the possible legalization of gambling in the UAE, would be a considerable opportunity for the group.
