Unec wins $500m contract for UAE waterfront project

Ora Developers has awarded an AED1.9 billion ($517 million) contract to Dubai-based United Engineering Construction (Unec) for the first phase of the Bayn waterfront masterplan in Ghantoot, located between Dubai and Abu Dhabi.

Unec will develop 614 residential units, including townhouses and villas. The work scope includes associated infrastructure and landscaping, the developer said in a statement.

Work started this week, with completion planned in 31 months.

The enabling works contract, which included ground improvement and earthworks, was awarded to NMDC Group.

In its first-quarter 2026 earnings release, Abu Dhabi-listed NMDC revealed that the contract was valued at AED300 million.

Founded by Egyptian billionaire Naguib Sawiris, Ora recently doubled the size of the Bayn masterplan, buying 4.8 million square metres of land from Abu Dhabi-listed Modon Holding.

Ora estimated the total project investment upon completion of the expansion to reach AED30 billion.

Bayn will have 1.2km of beachfront and 9,000 housing units for 32,000 residents.

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