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Dubai Investments has confirmed that its wholly owned subsidiary, Dubai Investments Real Estate Company (DIRC), is continuing construction activity across its real estate projects in Dubai and Ras Al Khaimah, with projects progressing in line with the planned handover schedule.
Construction is ongoing on the 1 billion UAE dirhams ($272 million) mixed-use Danah Bay development on Al Marjan Island in Ras Al Khaimah, with no change in the completion dates, the Dubai-listed company said in a statement.
The foundation and substructure work for the residential towers have been completed, with superstructure construction currently underway. Work on the towers has reached 32.1 percent, with delivery expected in the first quarter of 2027.
Work on the hotel tower has reached 24 percent, with completion likely by the third quarter of 2027.
The statement comes as Iran has targeted the UAE after the US-Israel strikes on Tehran on February 28.
The villa phase in Danah Bay, comprising 189 units, has reached 100 percent construction, with partial handover completed across selected villa packages. Construction continues across the remaining components of Danah Bay, with works advancing in line with the project’s phased construction and handover strategy.
In Dubai, Violet Tower in Jumeirah Village Circle remains on track for completion in the fourth quarter of 2026, in line with the previously mentioned timeline. Construction activity has reached 57.61 percent, with works progressing steadily across the project.
At Asayel Avenue, part of the Mirdif Hills master development, handover is expected by the second quarter of 2027. Construction commenced in the second quarter of 2025 and has since reached 28.47 percent completion.
Meanwhile, Al Vista in Meydan is scheduled for completion in the first quarter of 2028. The enabling phase has been completed, with construction activity advancing in line with the approved project plan.
DIRC was established in 2006 and has a portfolio of developments and assets in the UAE. It owns land banks in Dubai, Abu Dhabi and Sharjah for future developments.
(Writing by P Deol; Editing by Anoop Menon)
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