Dubai: It is the developer Deyaar that is taking credit for the city’s first super-tall structure after the pandemic – a 70-storey building in Business Bay valued at Dh750 million. Offplan sales for the ‘Regalia’ have commenced with investors paying an upfront 10% and the rest in installments over seven years.
Deyaar has not specified the height of the tower, but only that it will be taller than any tower it has built so far. An outdoor winter cinema will be part of the project, which will be completed by 2024.
JW Marriott Marquis Dubai is currently the tallest building in Business Bay, and it stands at 355 meters, the world’s second-highest hotel. (The tallest building, Burj Khalifa, is at 828 meters.)
RP Group’s win
It has been awarded to Gulf Asia Contracting, an Indian firm owned by billionaire Ravi Pillai. According to Khalid Ababneh, Vice-President – Projects and Commercial, Deyaar, “When appointing a main contractor, we look for a strong reputation for high quality, sustainability and on-time delivery along with an excellent health and safety track record. We are pleased to award Gulf Asia Contracting the main package for Regalia.”
The RP Group itself has towers of its own under development in Dubai. But the project side of the business has extensive interests in the oil and gas sector in Saudi Arabia and Bahrain, as well as in UAE. “We are proud of our track record for delivering high-quality projects on time, within budget, and in line with the highest health and safety standards,” said Vinod Pillai, Country Head of RP Group.