Damac’s Gulf contract awards reach $952m in 2017

Majority of contracts were awarded in push to complete Akoya Oxygen in Dubai

Damac has issued a statement noting that the total value of contracts it has issued this year has now reached $952m. A total of 370 contracts have been awarded covering construction, supplier and consultancy services across its portfolio.

The developer says the majority of contracts it has awarded in 2017 have been towards completion of the Akoya Oxygen golf community project in Dubai. Including recent contracts, the firm has now awarded $490m to partners for construction works on the golf community.

On the new contracts, Mohammed Tahaineh, senior vice president (commercial), said: “Damac has awarded more than AED 3.5 billion ($952m) in contracts so far in 2017, across more than 20 of its projects. This includes two golf communities, as well as residential and hospitality tower projects across Dubai, Jeddah, Riyadh and our premiere luxury project in London.”

Last month, Damac awarded a contract worth $171m to Arabtec to build 1,296 villas within the golf project, noting that deliveries will start from the second half of 2018 through to 2022.

“The Damac Hills community is developing on schedule and is on track for completion. Key contracts are being awarded to accelerate development of the common areas and parks across the 42-million-sq-ft community, and to finalise construction and finishing work for a large number of units set for delivery soon,” added Tahaineh.

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