Dubai South Properties awards $545m Hayat contract

A multi-million-dollar contract has been awarded to a Kuwaiti developer to build Hayat, a luxury community in Dubai South near to Al Maktoum International Airport.

Dubai South Properties, a state-backed developer, gave the contract to Mohammed Abdulmohsin Al Kharafi & Sons. It is valued at AED2 billion ($545 million), Wam news agency reported.

The 10 million square feet site has plans for 2,500 residential units. These will include townhouses, semi-detached and standalone villas, mansions, apartments and hotels.

The development will have shaded walking trails, family play zones, outdoor recreation areas, fitness and wellness facilities, parks, a community mall, a retail boulevard, lagoons and a community lake.

Construction is due to start in the second quarter of this year, with the initial phases expected to be completed by 2028, the developer said.

AGBI reported this month that developers across the UAE said construction was holding steady despite the US-Israeli war on Iran rattling the real estate market, with major projects broadly on schedule.

Further reading:

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• War prompts Dubai’s property brokers to take model overseas
• Dubai property valuers hold firm but banks are wary

Aldar, a Abu Dhabi-listed property developer, said construction activity is ongoing across all its sites, including projects in Abu Dhabi, Dubai and Ras Al Khaimah.

​​Since the US and Israel launched strikes on Iran on February 28, Tehran has fired thousands of missiles and drones at Gulf states. The UAE has borne the brunt.

In April 2024 Dubai launched the world’s largest passenger terminal at Al Maktoum International at a cost of AED128 billion, capable of handling 260 million passengers annually upon completion.

The initial phase of the project, scheduled for completion within a decade, will accommodate 150 million passengers annually.