Contract award

Meraas lets 590 million dirham main contract for Crestlane Phase 3

By Staff Writer  |  07-09-2026

Meraas, a member of Dubai Holding Real Estate, has awarded Parkway International Contracting a main construction contract worth more than AED 590 million for 394 apartments across four residential buildings in Phase 3 of City Walk Crestlane in central Dubai. The developer announced the award on 7 September 2026 and says construction has already commenced, with completion anticipated by the third quarter of 2028.

What has been let

The contract is the main construction package for Phase 3. It covers four residential buildings containing 394 apartments in total. The announcement gives the contract value as more than AED 590 million and does not break that figure down by building, nor does it state the form of contract, the programme milestones between now and 2028, or whether the sum is fixed or provisional. Those points are not published and are not estimated here.

This is the second package this desk has recorded on Phase 3. On 12 August 2026 Meraas announced the groundworks award for two Phase 3 buildings, covering excavation, soil improvement, dewatering and the design and construction of shoring and piling. The main works award now takes Phase 3 above ground, and the developer's statement that construction has already commenced is consistent with the groundworks having been under way for some weeks before the main contract was announced.

The value is stated as more than AED 590 million for the main construction contract only. It is not the value of Phase 3 as a whole, which also carries the earlier groundworks package, and it is not a sales figure. The developer's release is the only source for the number.

What the two parties said

Khalid Al Malik, chief executive officer of Dubai Holding Real Estate, is quoted:

Crestlane's continued expansion reflects sustained demand for design-led urban living in central Dubai. This main construction award advances the next stage of delivery, building on City Walk's distinctive combination of high-quality homes and an established walkable urban environment. Our focus remains on disciplined execution and enduring quality.

Khalid Al Malik, chief executive officer, Dubai Holding Real Estate

Tarek Zoabi, managing partner at Parkway International Contracting, is quoted:

We are proud to deepen our partnership with Meraas through the delivery of this latest phase of City Walk Crestlane. Our teams are focused on maintaining the highest standards of safety, quality and programme management throughout construction. We look forward to applying our technical expertise to support the development of Crestlane and contribute to the continued evolution of one of Dubai's most recognised urban destinations.

Tarek Zoabi, managing partner, Parkway International Contracting

The word "deepen" in the contractor's statement is the only indication in the release of an existing relationship between the two companies. The release does not say what earlier work Parkway has carried out for Meraas, and nothing is added here.

The scheme

Crestlane is described by the developer as an extension of City Walk's walkable urban environment, combining contemporary homes with landscaped open spaces and water features. Across the wider community, residents are to have access to swimming pools, sports facilities, a fitness centre, a floating clubhouse and an outdoor cinema, alongside City Walk's existing retail, dining, leisure and public spaces. The site is in central Dubai with access to Downtown Dubai, DIFC, Jumeirah Beach and Dubai International Airport.

Dubai Holding Real Estate describes itself as the master developer combining Nakheel, Meraas and Dubai Properties, with a portfolio it says is home to nearly 1.6 million residents. Its parent, Dubai Holding, states investments in more than 30 countries, a combined workforce of more than 45,000 people and a portfolio of over AED 500 billion of assets. Those are the group's own descriptions of itself and are reproduced as such.

The published completion date is the third quarter of 2028, which gives a construction period of roughly two years from an award announced in September 2026 on a site where groundworks were let in August. Any change to that date, any further packages on Phase 3, and any announcement of handover dates for the 394 apartments would each be reportable. None of those has been published.