Dubai-based investment company Shamal Holding has announced a second tower at its Baccarat Hotel & Residences project in Downtown Dubai.

The 24-floor tower will feature 42 Baccarat-branded residences, food and beverage outlets and a pool.

New York-based architecture studio Libeskind designed the towers, while London-based design studio 1508 designed their interiors.

US-based Aecom is the lead designer and supervision consultant.

In April, MEED reported that Shamal Holding has awarded the main construction contract to build its Baccarat Hotel & Residences project in Downtown Dubai.

The contract was awarded to the Abu Dhabi-based Arabian Construction Company (ACC).

In an official statement, Shamal Holding said that the enabling works are fully completed and the mobilisation works for the main works will start immediately.

The piling works started in January last year and were being undertaken by the local firm Swissboring.

The hotel and serviced residences will be part of a new luxury development facing the world’s tallest building, Burj Khalifa.

The twin towers will have glass facades that pay tribute to the French manufacturer’s fine crystal heritage.

The project is expected to be completed in 2026.

Dubai real estate developments dominate the UAE’s construction market, with schemes worth over $323bn in the execution or planning stages.

This is in line with a forecast by GlobalData, which projects that the output of the UAE construction sector will grow by 4.2% in real terms in 2025, supported by developments in infrastructure, energy and utilities and residential construction projects.