Dubai Holding Awards AED 5 Billion Construction Contract for New Headquarters and Meraas Jumeirah Residences Emirates Towers

Dubai Holding has signed an AED 5 billion construction contract with China State Construction Engineering Corporation Middle East (CSCEC ME) for the delivery of the group's new corporate headquarters and Jumeirah Residences Emirates Towers, a 754-unit branded residential development by Meraas. The signing, witnessed by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Holding, marks the largest single construction contract the group has awarded to date.

The ceremony was also attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Her Excellency Ou Boqian, Consul General of the People's Republic of China in Dubai and the Northern Emirates; Amit Kaushal, Group Chief Executive Officer of Dubai Holding; and Tian Sanchuan, Chairman of CSCEC ME, along with senior representatives from both organizations.

Two Projects, One Contract in the Emirates Towers District

The AED 5 billion contract bundles two distinct developments in the Emirates Towers corridor along Sheikh Zayed Road, one of Dubai's most prominent central business districts. Dubai Holding's new headquarters is scheduled to open in 2029, while Jumeirah Residences Emirates Towers is targeted for handover in 2030.

The headquarters building was designed by Skidmore, Owings & Merrill (SOM) and is organized around a central open-air atrium and landscaped courtyard, with a distinctive circular form and expansive terraces. The design prioritizes employee wellbeing, sustainability, and technology, with ambitions to meet leading international sustainability and wellbeing standards. Dubai Holding said the building is intended to consolidate the group's businesses in a single location and establish a new prime office address in the district.

Jumeirah Residences Emirates Towers, the residential component of the contract, was designed by SCDA Architects and will comprise 754 branded residences across two towers. The development is a Meraas project and will incorporate Jumeirah's hospitality and service expertise alongside lifestyle, wellness, and leisure amenities. The project will have direct connectivity to prominent business, cultural, and lifestyle destinations in the surrounding district, which sits near DIFC and the Museum of the Future.

Market Context: Tight Office Supply and Active Branded Residential Demand

The contract arrives as Dubai's prime office market remains supply-constrained. Prime office vacancy in Dubai stands near 0.7%, with citywide vacancy in a range of approximately 6% to 7%, and prime office rents have posted year-on-year growth in the mid-teens to low-30s percentage range depending on segment. That environment supports the development economics behind a flagship headquarters in a top-tier corridor, where occupiers continue to compete for scarce high-quality space.

The residential component also enters an active segment. Dubai's branded residences market reached 64,744 units across 183 developments as of June 30, 2026, up from 59,560 units across 175 developments at year-end 2025, reflecting continued developer confidence in pricing power and global demand for branded luxury product.

Statements from Leadership

Sheikh Ahmed bin Saeed Al Maktoum said the investment reflects the same long-term ambition the group has maintained since its founding. "Dubai's success has been built on a clear vision for the future, the confidence to invest with purpose and the discipline to turn ambition into progress," he said. "For more than two decades, Dubai Holding has been an important contributor to the emirate's transformation, enabling economic activity equivalent to 30% of Dubai's GDP."

Amit Kaushal framed the headquarters as a benchmark for prime office space in Dubai. "Our new headquarters marks the next phase in our evolution. Built to world-class design principles, it sets a new benchmark for prime office space in Dubai and is designed for the people who will shape our future, today and in the years to come," he said. "Jumeirah Residences Emirates Towers carries the same ambition in another form, adding a residential landmark to one of Dubai's most prominent districts."

Tian Sanchuan said the award reflects mutual confidence between the two organizations. "These landmark developments reflect the resilience and strength of Dubai's economy and reinforce our confidence in its continued growth," he said. "We remain committed to Dubai and are proud to contribute to the development of this remarkable city and its ambitious future."

CSCEC ME's Role and Dubai Holding's Capital Deployment

CSCEC ME has operated in the UAE since 2003 and has delivered more than 110 large-scale projects across the Gulf spanning residential, commercial, hospitality, and infrastructure. The company is a subsidiary of China State Construction Engineering Corporation, one of the largest construction and investment groups in the world. Its selection for this contract continues a pattern of large Chinese contractors playing a significant role in high-value Gulf megaproject delivery.

For Dubai Holding, the AED 5 billion award is part of a broader pattern of capital deployment across its real estate platform. Dubai Holding said its projects have contributed economic activity equivalent to 30% of Dubai's GDP, a figure the group cited in framing the headquarters project as both a corporate milestone and a statement about its role in the emirate's growth.

Project Timeline

Dubai Holding's new headquarters is scheduled to open in 2029. Jumeirah Residences Emirates Towers, the Meraas-developed residential component, is targeted for handover in 2030. Both projects are located in the Emirates Towers submarket of Dubai.

Sources: Dubai Holding Press Release, September 9, 2026