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Nakheel, a subsidiary of Dubai Holding Properties listed on the Dubai Stock Exchange, has announced the award of a construction contract worth more than AED 950 million to Parkway International Contracting Company to carry out construction work on the second and fourth phases of the Bay Grove Residences project in the Dubai Islands.
According to a company statement, the contract includes the construction of 617 residential units ranging from one to four bedrooms, spread over eight buildings, including basement works and infrastructure associated with the project, as well as the main facilities of the residents, swimming pools and sports stadiums, and the fitness center.
The second phase includes the construction of four buildings with 360 units, and the completion of major construction work is expected in late 2028, while the fourth phase consists of four buildings with 257 units. Major construction work is expected to be completed by the second quarter of 2029.
This contract comes after Nakheel recently awarded a contract worth more than 800 million dirhams to implement 537 houses distributed over seven buildings in the first and third phases. Together, the two contracts cover 1,154 residential units in the Bay Grove Residences, spread over 15 residential buildings, with a total value of more than AED 1.75 billion of major construction contracts.
The contract includes the construction of 617 residential units ranging from one to four bedrooms spread over 8 buildings
Khalid Al Malek, Chief Executive Officer of Dubai Holding Properties, said: “This contract represents another important step in the implementation of the Bay Grove Residences project and provides a clear framework for the completion of 617 additional homes. In addition to the first and third phases contract, this investment reflects Nakheel’s commitment to developing an integrated residential complex and supporting the long-term growth of the Dubai Islands. Our focus is on delivering high-quality homes, facilities and public spaces that contribute to establishing the project as a residential destination with a distinct sea view.”
Tarek Zoabi, Partner Manager at Parkway International Contracting Company, said: “We are proud to be partnering with Nakheel to implement the next phases of the Bay Grove Residences project, and our team is focused on completing the work efficiently, in accordance with the highest standards of safety and quality, while ensuring smooth coordination between the various parties and commitment to the approved schedule of the project.
Bay Grove Residences was designed to be a modern waterfront residential complex that combines common outdoor spaces with natural coordination, walking and cycling trails, and allows its residents access to Crystal Beach. The Dubai Islands are located off the coast of Deira, an integrated maritime destination with five islands, and extends over a total area of 18.6 square kilometers. The main plan of the project includes residential neighborhoods, hospitality facilities, gardens, and recreational and cultural destinations, supporting the long-term vision of urban development in the Emirate of Dubai.
The contract comes after Nakheel awarded a contract worth 800 million dirhams to implement 537 houses distributed over 7 buildings
Dubai Holding Properties is one of the leading integrated real estate developers in the region and part of Dubai Holding’s diverse portfolio. With more than 30 years of experience in real estate development, Dubai Holding Properties combines the legacy, experience and innovation of Nakheel, Meraas and Dubai Properties to shape Dubai’s urban and coastal landscape through iconic landmarks that cement the emirate’s position as a global hub for real estate investments.
Dubai Holding’s portfolio has 1.6 million residents in Dubai’s most sought-after location. It delivers added value through urban planning, development, strategic land sale and asset management, in line with the objectives of the Dubai Urban Plan 2040 to support sustainable and long-term growth.
In the same context, Nakheel offers innovative and stunning waterfront landmarks and carefully planned residential complexes, including Palm Jumeirah and the upcoming Jebel Ali Palm, designed to meet Dubai’s future urban and population needs. Nakheel also includes Meydan’s prestigious portfolio, including Mohammed Bin Rashid Al Maktoum City and First District.
Dubai Islands are located off the coast of Deira and are a maritime destination with 5 islands and extend over an area of 18.6 km2
Meraas is creating unique destinations that combine architectural innovation, creativity and lifestyle, including Bvlgari Residences, Bluewaters, Central Park City Walk, Port-de-la-Mir, The Ackers, Cherry Woods, and Villa Amalfi.
Dubai Properties specializes in developing family-designed complexes and is of great importance for accessibility and world-class facilities. Its notable projects include Jumeirah Beach Residence (GPR), Business Bay and Dubailand. The company’s portfolio projects are characterized by its attractive designs and strong foundations to ensure its permanent leadership in the market, combining quality, sustainable infrastructure and community-focused facilities to create long-term value for residents, partners and investors alike.
Dubai Holding is a diversified global investment company, with investments in more than 30 countries, with a team of more than 45,000 employees. Established in 2004, Dubai Holding contributes to the lives of millions of Dubai residents and visitors through its vast portfolio of more than AED 500 billion of assets, supporting the growth and diversification of Dubai’s economy across 10 key sectors, including real estate, hospitality, entertainment, retail, media and investments.
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