ACC wins Baccarat Hotel, Residences Dubai works contract
Dubai-based diversified investment firm Shamal has awarded the main works contract for its Baccarat Hotel and Residences project to Arabian Construction Company (ACC).
The prestigious Baccarat-branded mixed-use development will stand as an emblem of elegance, complementing the impressive skyline of Downtown Dubai offering views of Burj Khalifa.
Baccarat is known the world over for its rich brand ethos and long history of blending refined craftsmanship with meticulous attention to detail, creating breathtaking spaces that exude authentic elegance. It is developed by H&H, a Dubai-based real estate investor, developer and asset manager, alongside exquisite architecture of the world-renowned Studio Liebeskind and sophisticated interiors by 1508 London.
An premium mixed-use development, Baccarat Hotel and Residences Dubai will comprise an ultra-luxury hotel and branded residences offering impressive privileges and an enriched lifestyle.
Announcing the contract award, Shamal said the groundbreaking for the project took place last year and with all the enabling works and infrastructure packages fully completed, the main works contractor will start mobilisation imminently.
"We are delighted to mark another milestone in our journey to enrich Dubai's world-class skyline with the legendary Baccarat brand. We are particularly pleased to partner with such a well-established and accomplished contractor in this dynamic city," said its CEO Abdulla Binhabtoor.
"A development of the calibre of Baccarat Hotel and Residences Dubai – representing exquisite hospitality and living – demands the best in the industry for every element, and we are confident that our development partners H&H alongside ACC will enable us to fulfil our promise to deliver the ultimate in luxury for both our visitors and residents alike," he stated.
H&H Chief Executive Officer Miltos Bossinis expressed delight at partnering with Shamal on developing this architectural landmark that will add greater allure to the city's skyline.
"We are pleased to have ACC on board to build further on our vision of creating exceptional experiences through development and design," he added.
A renowned UAE-based contractor, ACC brings a wealth of expertise in executing complex design structures.
Arabian Construction Company CEO Maher Merehbi said: "We are proud to be named as the main contractor for the prestigious Baccarat Hotel and Residences Dubai, which will be a beacon of luxury and elegance on Downtown Dubai's awe-inspiring skyline."
"Our considerable expertise and experience make us the ideal partner for such an iconic brand as Baccarat, and our passion for excellence and the highest of quality and standards is shared with Shamal and H&H. Together, we look forward to bringing this magnificent development to life," he added. -TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
26 minutes ago
- Khaleej Times
UAE's large scale projects signal ambition towards a sustainable economy
The UAE remains buoyant and forward-thinking, with large-scale transformation initiatives signaling the government ambition to create a sustainable economy for citizens and visitors alike, an industry veteran said. 'The UAE's government is strategically deploying investment into sectors that promise long-term value creation, including infrastructure, tourism, clean energy, digital innovation, and advanced logistics — all of which are catalysts for sustainable economic growth,' Phil Malem, CEO Serco Middle East and +impact, said in an interview. In the UAE, non-oil GDP is being buoyed by increased private sector participation and a push toward becoming a global hub for innovation, trade and talent, he added. It is also noteworthy to look at Saudi Arabia, a country which is in the midst of one of the most ambitious economic diversification programmes in the world under Vision 2030. 'Projects like NEOM, Qiddiya, and the Red Sea Development are not just infrastructure investments; they represent a new economic model based on knowledge, creativity, and future-ready service ecosystems. These megaprojects demand not only advanced service delivery models but also strategic advisory capabilities, and partners who can think, design, and operate at scale. This is where our value proposition is strongest: in delivering outsourced services that are deeply integrated, culturally aligned, and capable of flexing across both the operational and advisory spectrum,' Malem said. Serco has a long established record in the aviation sector, and Malem believes that Dubai's announcement to fully transition airport operations to Al Maktoum International Airport (DWC) over the next decade marks a pivotal moment in the future of global aviation. 'DWC is not just an airport expansion, it is the foundation of a new aviation ecosystem for the UAE. With a projected capacity of 260 million passengers annually, this is a bold redefinition of what global connectivity, passenger experience, and aviation infrastructure can look like. It will reshape air traffic flows, logistics strategies, and the entire passenger journey across the region,' Malem said. For us at Serco, this is a natural alignment with its capabilities and legacy. 'We have long been embedded in the region's aviation sector (supporting Dubai Airports and Sharjah Airport with multiple different services), from managing complex air traffic control operations to delivering end-to-end airport and passenger services. The DWC transformation presents an opportunity to rethink how airports are operated: how data, automation, and talent can be optimised to meet evolving passenger needs, safety standards, and sustainability goals. It also reinforces the need for a highly skilled, locally grounded workforce, which is why our investments in nationalisation, such as training Emirati air traffic controllers and operational leaders, will continue to scale in line with the country's ambitions,' Malem said. Public-private collaboration remains fundamental to the success of national transformation agendas in the region, the Serco Middle East CEO said. 'Given that many of the region's largest organisations are government-owned or backed, the ability of private sector partners to operate in true alignment with public sector goals is what determines long-term impact. Governments are not just looking for service providers, they are looking for partners who understand the national vision, share their values, and bring both global expertise and local commitment to the table. This is particularly critical in sectors like aviation, transport, defence, and citizen services, where the outcomes affect millions of lives and require long-term strategic thinking,' Malem said. Serco has invested significantly in building a pipeline of local talent, not through box-ticking, but through structured programmes that upskill, train, and provide meaningful, international-standard experience to Emirati and Saudi nationals. 'Collaboration, when built on trust and mutual purpose, becomes a multiplier. It allows us to move faster, operate smarter, and create shared outcomes. In this region, where ambition is high and transformation is constant, public-private partnerships, grounded in capability and integrity, are the engine that will power sustainable progress,' Malem said. As artificial intelligence becomes increasingly part of our day-to-day lives, the expectations around customer experience are evolving at an unprecedented pace. 'For companies operating in the UAE and across the GCC, the challenge is twofold: how do you harness cutting-edge technology like AI, while maintaining the empathy and understanding that truly great experiences are built on? I believe the answer lies in blending technological innovation with human insight, which is exactly what we've set out to do through our recently launched company, +impact, Serco's advisory business,' Malem said. Through +impact, Serco is focused on delivering measurable, purpose-driven outcomes. 'One of our core services at +impact is advisory within the customer experience space, and we bring deep expertise in behavioural insight, service design, and user experience, enabling us to map real customer journeys and design solutions that anticipate needs - not just respond to them. It allows us to embed empathy and innovation directly into service delivery, creating experiences that build trust, satisfaction, and long-term loyalty,' Malem said. But AI alone isn't enough. It must be paired with strong human understanding and strategic advisory capability. 'This is where I see this convergence of AI, data, design, and operational excellence as the future of service delivery. We are proud to make an impact across governments and organisations across the region as they lead the way in defining what exceptional, human-centred experiences look like in the digital age,' Malem said.
Khaleej Times
44 minutes ago
- Khaleej Times
ADGM FSRA implements amendments to its digital asset regulatory framework
The Financial Services Authority (FSRA) of Abu Dhabi Global Market (ADGM) today announced the implementation of amendments to its regulatory framework for digital assets, with immediate effect. The implementation of these amendments follows extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024. The focus of the implemented amendments is on revisions to the process whereby Virtual Assets (VAs) are accepted for use as Accepted Virtual Assets (AVAs) in ADGM, alongside appropriate capital requirements and fees for Authorised Persons conducting Regulated Activities in relation to VAs (VA Firms). The amendments also introduce a specific product intervention power in relation to VAs as well as enshrining rules that confirm the existing approach to the prohibition of using privacy tokens and algorithmic stablecoins within ADGM. Finally, the amendments expand the scope of investments in which Venture Capital Funds may invest. The FSRA has updated the Guidance – Regulation of Virtual Asset Activities in ADGM to reflect the implemented measures and to provide further guidance to VA Firms in relation to applying the AVA assessment criteria. Emmanuel Givanakis, Chief Executive Officer of ADGM's FSRA said: 'The implementation of these changes marks a significant milestone in the evolution of the FSRA's framework for digital asset regulation. Through extensive consultation with industry stakeholders, we have further enhanced our framework to provide the regulatory certainty that industry participants need, while addressing the evolving risks of the digital asset ecosystem. We believe this further positions ADGM as a premier jurisdiction for digital asset-related activities and shows our commitment to fostering responsible innovation in financial services." The FSRA acknowledges the constructive and well received feedback received in response to the Consultation Paper, including in relation to the discussion points raised, and for the amended legislation see here.
Khaleej Times
an hour ago
- Khaleej Times
Hotspots, key trends underpin Dubai real estate boom
Three standout trends, including a big uptick in branded residences, a shift to the suburbs, and luxury villa demand surge are driving Dubai's property market buoyancy as the emirate's economy sustains a boom with foreign direct investment climbing 15 per cent year-on-year in early 2025. Branded residences, currently commanding a 30 to 40 per cent premium over non-branded luxury units, are booming. New launches like Chelsea Residences by Damac, Trump International Hotel & Tower, and Bugatti Residences by Binghatti fuelled a 23 per cent inventory rise in 2024. Yet demand — led by over 60 per cent overseas investors and second-home buyers — outstrips supply in prime areas, a report by Oia Properties said. Foreign buyers, making up over 45 per cent of real estate transactions this year, and a 30 per cent rise in new foreign-owned real estate firms from 2024 to 2025, signal increasing global appetite for Dubai's success story. Second, a shift to the suburbs reflects buyers seeking value as urban prices peaked in 2024. Suburban areas like Dubailand and Dubai South saw a 35 per cent spike in transaction volume in early 2025, with price appreciation of 10 to 15 per cent and rental yields of 6 to 7 per cent, outpacing the 4 to 5 per cent in urban centers, according to Oia Properties' latest outlook report. Third, luxury villa demand, sparked during Covid, continues strong, with prices up 20 to 25 per cent from 2022 to early 2025. Villas now comprise 28 per cent of residential sales, up from 18 per cent in 2022, though a 12 to 15 per cent supply increase over the next year may temper prices by five to 10 per cent into 2026. The report unveils the hottest spots and key trends shaping Dubai's property landscape for the second half of 2025, promising golden opportunities for savvy investors. It pinpoints key investment hotspots for H2 2025. Jumeirah Village Circle (JVC) offers apartments at an average Dh880,000, targeting young professionals and small families. Despite an 8.3 per cent price dip year-on-year, strong rental yields and transaction volumes signal resilience and recovery potential, earning a 6/10 growth projection. Business Bay, with apartments averaging Dh1.9 million, appeals to urban professionals near Downtown Dubai, posting a 5.9 per cent price rise and a 7/10 growth score. Dubai South, at Dh954 per square foot for apartments, draws investors and professionals tied to Expo City and Al Maktoum Airport, boasting a top 10/10 growth outlook amid major infrastructure projects. Dubai Marina, a waterfront gem, sees apartments at Dh2.3 million with a 7.8 per cent price increase, earning an 8/10 projection for affluent residents and investors. Additional hotspots include Dubai Hills Estate, with villas at Dh10 million, targets affluent families, projecting 9.1 per cent annual appreciation and a 9/10 growth score, buoyed by premium facilities and golf course views. Arabian Ranches, offering villas at Dh1.9 million, caters to families, with prices up 13 per cent in Q3 2024 and a 9/10 outlook. Palm Jumeirah, an ultra-luxury haven, lists villas at Dh25 million, with a 7.7 per cent appreciation rate and an 8/10 projection, driven by limited supply and global appeal. Downtown Dubai, with apartments at Dh2.5 million, sees a steady 2.9 per cent rise, earning a 6/10 score for high-income buyers near iconic landmarks. The outlook for Dubai's real estate sector in H2 2025 is upbeat, experts say. The Dubai Land Department reports 2024 transaction values hit Dh200 billion, a 20 per cent year-on-year leap, and 2025 is on track to sustain this momentum. Off-plan sales, up 25 per cent in early 2025, reflect developer confidence, while rental growth of 5 to 7 per cent in key areas signals strong returns. Population growth, projected at 3.0 per cent annually by the Dubai Statistics Center, and infrastructure like Al Maktoum Airport's expansion, set to handle 260 million passengers yearly, bolster demand. Property market pundits highlight GDP growth tracking at 5 to 6 per cent for 2025, fuelling investor confidence alongside Dubai's successful pivot to non-oil sectors, which now account for over 70 per cent of GDP. Tourism, a powerhouse, welcomed 19 million visitors in 2024, a 12 per cent year-on-year surge, boosting the economy. This buoyancy propelled Dubai's main stock index to a 17-year high in May 2025, soaring over 25 per cent since early 2024. 'With a dynamic blend of economic strength, bold diversification, and surging demand for luxury and suburban living, Dubai shines as a trusted safe haven amid global geopolitical uncertainty,' market experts said.
