Construction

Dubai’s Arabtec wins $171m Damac Akoya Oxygen contract

The project will commence this quarter and is expected to complete in 24 months, Damac said

Part of the Akoya development. For illustrative purposes only. (Damac)

Arabtec Construction, a wholly owned subsidiary of Arabtec Holding, has won a AED 628 million ($171m) contract from Damac Properties for the design and construction of the main works for 1,296 villas of the Akoya Oxygen master development in Dubai.

The two companies made the announcements in statements to the Dubai Financial Market, where they are both listed.

Arabtec’s group CEO Hamish Tyrwhitt said: “We are pleased to be continuing our long standing collaboration with Damac Properties which demonstrates our track record in delivering projects for our key clients in the UAE. Arabtec’s recent awards show that our selective onboarding of projects across our operating businesses is developing a strong pipeline of work aligned with our core competencies and strategic direction.”

The project will commence this quarter and is expected to complete in 24 months, Damac said.

“Damac always chooses to partner with leading contractors and consultants who have a proven
track record for delivering quality and efficiency. With Arabtec, we are confident that the
momentum and steady progress at AKOYA Oxygen will remain on track right through to
project completion,” said Mohammed Tahaineh, Senior Vice President – Commercial at Damac Properties.

Akoya Oxygen is a 55‐million‐square‐foot master development that will showcase the greenest living spaces in Dubai and is home to an 18‐hole championship golf course. The community will also comprise shopping, retail, entertainment and hospitality components, amongst others to complement its residential offering of villas, apartments and serviced units.

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