China State Construction Engineering Corporation, located in Beijing, has been assigned an estimated AED 4.4 billion ($1.2 billion) contract by Dubai-based developer Wasl to construct the Island project in Dubai.
According to the statement of regional project tracker MEED Projects, the proposed project is the largest construction contract to be signed in the Emirates since local contractor Alec acquired the $1.36 billion contract to build One Zabeel from local developer Ithra in 2017.
Meanwhile, the project's specifics reveal that it will be built on a 10.5-hectare island off the coast of Umm Suqeim, near Jumeirah public beach, and right next to the Jumeirah Beach Hotel and Marsa al-Arab.
The Island project is expected to contain 1,400 hotel rooms and residences, as well as shopping, restaurants, and entertainment establishments. In addition, the hotel brands MGM, Bellagio, and Aria will be featured in the properties. Since MGM runs casinos in other countries, the market expects The Island will have casinos if the United Arab Emirates passes legislation allowing gambling.