Nakheel Signs $258.7M Deal With Parkway for Bay Grove Phases 2 and 4
The award covers 617 homes across eight buildings on Dubai Islands and completes contractor appointments for all 1,154 planned residences at Bay Grove.
Nakheel has awarded Parkway International Contracting the construction contract for Phases 2 and 4 of Bay Grove Residences on Dubai Islands. The deal is valued at more than $258.7 million, or AED 950 million.
The scope covers 617 homes, ranging from one to four bedrooms, spread across eight residential buildings. Parkway will also handle basement works, associated infrastructure and amenities that include swimming pools, sports courts and fitness centres.
Phase 2 accounts for 360 of those homes in four buildings, with main construction works expected to be completed by late 2028. Phase 4 adds 257 homes across another four buildings, with completion anticipated in the second quarter of 2029.
Nakheel's earlier contract at the same development, covering Phases 1 and 3, was valued at more than $217.8 million (AED 800 million) and takes in 537 homes across seven buildings. The two awards together exceed $476.5 million (AED 1.75 billion) and account for all 1,154 homes planned across Bay Grove's 15 buildings.
Khalid Al Malik, chief executive of Dubai Holding Real Estate, said the contract combined with Phases 1 and 3 represents substantial investment in the community and in Dubai Islands' long-term development. Nakheel is a member of Dubai Holding Real Estate.
Bay Grove is planned as a waterfront community with landscaped communal spaces, cycling routes and beach access. Dubai Islands lies off the coast of Deira and spans 18.6 square kilometres across five islands, with a master plan that sets out residential neighbourhoods, hospitality, parks, leisure and cultural destinations.
With both contracts signed, every home in the 15-building community now has a contractor attached, and delivery runs from late 2028 into the second quarter of 2029 — a pipeline that gives the wider island master plan something to build around. Dubai Islands forms part of Dubai's longer-term urban development. The parent group, Dubai Holding, was established in 2004 and manages more than $136 billion (AED 500 billion) in assets across 10 sectors, among them real estate, hospitality, entertainment, retail, media and investments.
Dubai Holding chairman Sheikh Ahmed bin Saeed Al Maktoum placed third in a 2026 ranking of the Middle East's 100 leading chief executives, while Al Malik was listed sixth among the region's most impactful real estate leaders for 2026.
