A new $840 million Royal Atlantis Hotel will soon be built in Dubai following award of the construction contract of the project to Korean builder Ssangyong, said a report.

A total of three projects were awarded to Ssangyong, worth $1.6 billion, through a three-way joint venture with European contractor Besix and China State Construction Engineering Corporation, reported The Korea Times.

The consortium will first build the Royal Atlantis Hotel followed by the $386-million Palm Gateway project and an unnamed office building complex for an estimated cost of $370 million.

Of the $1.6 billion contracts, Ssangyong, which was recently acquired by the Investment Corporation of Dubai (ICD), will take $730 million, stated the report.

As per the deal, Ssangyong Engineering & Construction will build the new Royal Atlantis resort at Palm Jumeirah alongside contractor Besix (Belhasa Six Construct).

The Royal Atlantis Hotel will be a 47-storey hotel with 795 rooms and a 37-storey apartment building with 231 units.

The Palm Gateway is an upscale apartment complex with three buildings and 1,265 units. The third project is constructing several high-rise office buildings, said the report.

"It is very meaningful for us to secure a construction project in Dubai again, our first deal in 13 years," remarked a Ssangyong E&C spokesman.

The acquisition by ICD, which has nearly $200 billion under its management, is seen helping Ssangyong secure more lucrative deals in Asia, the Middle East and elsewhere.

The company spokesman said the latest projects will help Ssangyong emerge as one of the world's leading construction powerhouses.

"We will continue to win more deals in the UAE and nearby Middle Eastern countries," he added.