PHOTO
Dubai-based DarGlobal, the subsidiary of Saudi Arabian real estate firm Dar Al Arkan, has awarded the contract for its new residential tower development in Downtown Dubai for AED237 million ($64.5 million).
The contract, which will cover the main works on W Residences, has been awarded to China State Construction Engineering Corporation – Middle East (CSCEC ME), the luxury property developer said in a statement on Thursday.
The W Residences project, which features apartments with views of Burj Khalifa and Dubai Fountain, has already been sold out. It will be the first standalone residential development under the lifestyle W Hotels brand.
According to DarGlobal, work on the project – its third in Downtown Dubai - is set to begin and will be completed by December 2025.
DarGlobal is the international arm of Saudi Arabia’s biggest property developer Dar Al Arkan. It is looking to expand its portfolio with developments across major locations, including the UAE, Oman, Spain, and the United Kingdom.
Last December, Dar Al Arkan announced plans to list DarGlobal on the London Stock Exchange during the first quarter of 2023.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
