Dubai-based developer Wasl has awarded an estimated AED4.4 billion ($1.2 billion) contract to Beijing-based China State Construction Engineering Corporation to build The Island project, MEED reported on Monday.
The contract is the "largest" construction deal to be signed in the emirate since 2017, when local contractor Alec secured the $1.36 billion contract to build One Zabeel, the report added.
The project, which will be built on a 10.5-hectare island, is expected to include properties featuring the MGM, Bellagio and Aria hotel brands, MEED noted. It is located next to Jumeirah Beach Hotel and Marsa Al-Arab, MEED said.
The Island project is expected to house 1,400 hotel rooms, apartments, retail, food, and beverage, as well as entertainment facilities, the report said.
MGM operates casinos in other jurisdictions and there is a possibility that The Island may be home to gambling facilities if the UAE passes legislation to legalise gambling, MEED stated.
(Editing by Seban Scaria firstname.lastname@example.org)