Staff Report
Dubai, UAE
Centurion Properties, a premier real estate developer in Dubai, has signed a Memorandum of Understanding (MoU) with CITIC (China International Trust and Investment Corporation) Construction to develop over 10 million square feet of built-up area with a gross development value (GDV) of Dh10.5 billion. The portfolio comprises luxury residential developments and high-end commercial projects across Business Bay, Meydan Horizon, Motor City, Dubai Islands, Dubai South, and Jumeirah Village Circle. Constructions are slated for commencement in the third quarter of 2025.
Mr. Joby George, CEO of Centurion Properties, stated, “Our collaboration with CITIC Construction signals a transformative step to bridge local expertise with global construction prowess. This partnership is set to drive innovation and elevate design standards, focusing on high-end living and modern infrastructure in Dubai. We are dedicated to crafting intricate designs that offer a truly luxurious experience, meeting the needs of today’s discerning customer and setting new benchmarks for quality in one of the world’s most dynamic markets.”
CITIC Construction is a globally recognised engineering and construction firm and a wholly owned subsidiary of the CITIC (China International Trust and Investment Corporation) Group, headquartered in China with an asset base of US$1.7 trillion.
Mr. Yang Jianqiang, Chairman of CITIC Construction, added, “As a proven and trusted global contractor, CITIC Construction sees immense opportunity in Dubai’s thriving real estate landscape. This alliance with Centurion Properties is a strategic step in expanding our footprint in a key global investment hub. We are confident that our combined strengths will produce exceptional value and landmark projects that endure over time.”
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Also read: MAG Group and Chinese contractor CITIC to build Dh22 bn project in Dubai
