Dubai Housing and Hotel Boom: New Projects Set for City

Dubai residents and visitors stand to see new housing, hotel rooms and mixed-use neighbourhoods added to the city over the next three years, after South Korea’s Ssangyong Engineering & Construction Co. agreed with local developer Wasl Group to pursue a fresh round of projects together.

The two companies signed a memorandum of understanding on Thursday setting out joint work on residential, hotel and mixed-use developments in Dubai. The partnership is valued at 3.6 trillion won, or $2.6 billion. The headline figure cited in coverage of the deal, $2.7 billion, refers to the scale of the planned development programme the agreement is meant to unlock.

For the emirate’s growing population, the arrangement points to an expanded pipeline of homes and hospitality facilities. It also relies on a partnership that has already produced completed buildings in the city. Ssangyong E&C has finished work worth more than 1 trillion won for Wasl to date, among it the Hyatt Centric hotel and the luxury One Residence complex.

The new agreement is designed to deepen a relationship that began in 2017. Until now, cooperation between the two firms has centred on residential projects. Under the memorandum, the South Korean builder plans to extend that cooperation into hotels and mixed-use developments, broadening the range of facilities available to the public through the partnership.

Wasl Group, established by the Dubai Real Estate Corporation, is one of the emirate’s largest real estate companies. Its portfolio spans residential and commercial properties as well as hotels and resorts, making it a significant provider of housing and hospitality in Dubai. The company intends to combine its experience in property development and management with Ssangyong E&C’s engineering and construction capabilities, with the stated aim of creating long-term value.

The signing ceremony brought together Kim Woong-ki, chairman of Global Sae-A Group, the parent company of Ssangyong E&C, and Hesham Al Qassim, chief executive officer of Wasl Group. The two discussed ways to strengthen cooperation between their organisations.

Kim framed the deal in terms of what it could deliver for the city itself. “It is meaningful for us to cooperate on Wasl Group’s next-generation development projects based on Ssangyong E&C’s extensive construction experience and technological expertise, while contributing to Dubai’s medium- to long-term development and prosperity,” he said.

Al Qassim, whose company operates assets used daily by residents and visitors, described the agreement as an important opportunity to reinforce a partnership built on accumulated experience and trust, and to complete projects that contribute to Dubai’s growth.

Meanwhile, Ssangyong E&C has been steadily building its presence in the region. Since joining Global Sae-A Group, the company has expanded its orders for large-scale projects in key overseas markets, including the Middle East and Southeast Asia. Its most prominent work in Dubai is Atlantis The Royal, an ultra-luxury hotel that has become one of the city’s most recognisable buildings.

That track record underpins the builder’s claim to the new work. The company says it has strengthened its competitiveness in the overseas luxury construction market by compiling a portfolio of global landmarks, drawing on expertise in technically demanding projects.

Dubai itself has been a steady source of business for the firm in recent years. Ssangyong E&C has secured a series of new projects there since 2023, including the Immersive Tower and the Kifaf development, and is currently carrying out construction work in the city worth 1.4 trillion won. The newly signed agreement extends that activity into a structured three-year programme.

For Dubai, the practical effect is a commitment from two established operators to keep building: homes for residents, hotel capacity for visitors and mixed-use spaces that serve both. Whether the memorandum translates into completed projects on schedule will depend on execution, but the terms set out this week give both companies a defined framework for the work ahead.

By Kwak Eun-san and Yoon Yeon-hae