Beijing-headquartered China State Construction Engineering Corporation has won a AED 1.5bn ($408m) contract from Dubai-based The Luxe Developers.

The developer awarded the contract to build the Oceano project on Al-Marjan Island, Ras Al-Khaimah.

The project involves the construction of an 18-storey twin tower offering 206 units, including one-, two-, three- and four-bedroom apartments, six penthouses and two sky villas.

Local firm SS Lootah Foundations has completed the project’s enabling works, including shoring, piling and excavation.

The Oceano project will have a total built-up area of 79,000 square metres and is due for completion in 2026.

The Ras Al-Khaimah real estate market has seen significant investments in recent years. Several new projects have been announced, especially in the Al-Marjan Island area.

Establishing the UAE’s first gaming resort, Wynn Resort, has buoyed real estate demand in the UAE northern emirate. The resort is under construction and anticipated to be completed by 2027.

GlobalData expects the construction industry in the UAE to expand by 4.6% in real terms in 2024, supported by improved investments in transport, industrial and residential construction projects. Private sector investments in the real estate sector will also support the industry’s growth in 2024.

The residential sector is expected to expand by 4.5% in real terms in 2024, before recording an annual average growth of 2.6% between 2025 and 2028, supported by private investments in the residential housing sector, along with the government’s initiatives to meet the rising housing demand in the country.