Dubai’s Damac awards $343m in contracts in four months
Awards between August and November 2016 bring total value of contracts in 2016 up to $1.77 billion
Damac Properties, the Dubai-listed real estate developer, has announced that it has awarded 15 major construction and consultancy contracts, valued at a total of $343 million, between the months of August and November 2016.
This brings the total value of contracts awarded so far in 2016 to $1.77 billion for projects in Dubai and the UK. The awarded contracts are for the provision of services related to several projects in Dubai, including the developers two golf communities, Akoya by Damac and Akoya Oxygen, while two multi-tower projects – Aykon City and Damac Towers by Paramount Hotels and Resorts – were also included in the contract awards.
For Akoya by Damac, the contracts cover the main work for construction of villas and apartments in several clusters of the masterplan community. Meanwhile, the contracts for Akoya Oxygen saw main works awarded for the construction of villas, in addition to piling, roads and infrastructure work.
Consultancy agreements were also signed for the provision of design and supervision services related to the clubhouse and sub-stations within that project.
“With the handover of 1,350 villas and apartments at Akoya by Damac in the last quarter of 2016, as well as the upcoming opening of the Trump International Golf Club, Dubai during the first quarter of 2017, Akoya by Damac is rapidly progressing and taking shape – on track to becoming a full-fledged community,” said Mohammed Tahaineh, senior vice president of commercial at Damac Properties.
“We work with reputable contractors that have vast experience in their areas of specialisation, and strive to mitigate risks in project delivery by awarding various components of the development to a host of contractors.”
“The overall progress of the golf infrastructure work of Akoya stands at 95%. Trump PRVT, scheduled for handover during Q1 2019, will mark the completion of the entire Akoya by Damac master development.
“In Akoya Oxygen, we continue to achieve significant progress as we have appointed 8 main contractors so far for the construction of 5,676 villas and works have commenced for all,” Tahaineh concluded.
The golf course construction packages for Akoya Oxygen have also been awarded and work is in progress on the site, Damac said in a statement. The backbone infrastructure design has been completed, while mobilisation works are finished and engineering work is in progress.
The design of several clusters are completed, and several main contractors have been appointed.
To deliver these works, Damac Properties has appointed some of the industry’s major local and international names such as Ghantoot Gulf Contracting, Al Arif Contracting LLC and National Piling (NPC), amongst others.
China State Construction Engineering Corporation was also among the key appointments during this period, with the largest contract valued at $150.8 million, comprising the main works package for the residences at Paramount Tower Hotel & Residences, located in Dubai.
In addition to this residential and hospitality tower project, Damac Properties also appointed contractors for the provision of enabling works and shoring works at Aykon City, located on Sheikh Zayed Road and overlooking Dubai Canal.
