Dutco Balfour Beatty says it has been awarded $408.3 million main construction contract by Meraas, the Dubai-based holding company, for a mixed-use development on the Dubai Creek.

Spanning 670m on the waterfront, the project will feature outdoor recreational facilities and lifestyle amenities that will form part of the Khor Dubai Creek development project. It is scheduled to be completed in 2017.

The scope of work covers the construction of several hotels, markets and restaurants, food and beverage outlets, leisure and entertainment venues, retail stores and marina amenities, Dutco Balfour Beatty said in a statement.

Earlier this year, the contractor was awarded a $23.95 million contract by the RTA to build a 700m long, three-lane bridge as part of the Wafi Interchange Improvement Project being carried out by the government authority.

The announcement of these major contract awards will be especially welcome for Dutco Balfour Beatty’s parent company, Balfour Beatty. A turbulent 2014 saw the UK-based contractor announce losses of $22.32 million from its Middle Eastern operations.

The construction giant, which operates in the UAE through the joint ventures BK Gulf and Dutco Balfour Beatty, reported total worldwide losses of £59m ($88m) last year.

The London Stock Exchange-listed firm said its poor performance in the Middle East was largely due to two specific contract positions within the mechanical and electrical (M&E) engineering joint ventures.