CoStar World News for Dec. 7 ...Middle East

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CoStar World News for Dec. 7
A Dubai developer awarded a 4.4 billion United Arab Emirates dirham ($1.2 billion) construction contract to a Chinese contractor to build a planned 26-acre project called The Island, which could be the first destination in the region to permit legal on-site gaming. Middle East business publication MEED reported that Dubai developer Wasl awarded the contract to Beijing-based China State Construction Engineering Corp. for the project, which is slated to include 1,400 hotel rooms. On its third-quarter earnings call with analysts, MGM Resorts International executives confirmed The Island would include hotels under the MGM Grand, Bellagio and Aria brands. Dubai currently allows only limited for

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