【Construction Business News】Centurion Properties signs $2.86bn MoU with CITIC Construction to build high-end projects in Dubai

centurion Properties has signed a strategic Memorandum of Understanding (MoU) with CITIC Construction, the globally recognised engineering and construction arm of China’s CITIC Group. The agreement paves the way for the development of over 10 million square feet of premium residential and commercial space, with construction expected to begin in Q3 2025.

The MoU was officially signed by Joby George, CEO of Centurion Properties, and Li Sheng, General Manager of the Middle East, CITIC Construction, in the presence of senior leadership from both companies. The signing ceremony also included a showcase of Centurion’s journey since its establishment in 2013, spotlighting landmark projects such as Capital One, Flora Isle, and Sola Residences.

With a gross development value of AED 10.5 billion (approx. $2.86 billion), the partnership signifies a major milestone in aligning local development expertise with international construction capabilities. CITIC Group, which owns CITIC Construction, is one of China’s largest state-owned conglomerates, boasting an asset base of $1.7 trillion.

The collaboration will focus on delivering luxury residences and high-end commercial projects across Dubai’s key growth corridors, including Business Bay, Meydan Horizon, Dubai Islands, Motor City, Dubai South, and Jumeirah Village Circle (JVC). These locations have been carefully chosen for their strategic positioning, investment potential, and long-term value creation.

Speaking at the ceremony, Joby George, CEO of Centurion Properties, said, “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.”

He added that Centurion Properties remains committed to developing sophisticated, design-led communities that reflect the evolving needs of discerning homebuyers and investors.

Yang Jianqiang, Chairman of CITIC Construction, echoed the sentiment, stating, “Dubai presents immense opportunity within the global real estate landscape. Our alliance with Centurion Properties is a strategic move to expand our footprint in a market known for ambition, innovation, and long-term value.”