Dubai’s Damac awards five contracts worth $326m
Property developer says it has awarded major contracts to Ghantoot Group, Seidco and others over the last month
Damac Properties has awarded five major construction contracts worth $326 million so far this year, the Dubai-listed developer said on Tuesday.
The contracts are for additional work on its Akoya by Damac and Akoya Oxygen developments, as well as three of its serviced hotel-apartment projects – Privé by Damac, Celestia and Vantage.
“We have a strong belief in Dubai’s fundamentals and by making such a high level of investment in these construction contracts, we are demonstrating our commitment to owners to deliver high quality living experiences in good time,” said Niall McLoughlin, senior vice president at Damac Properties.
Damac said it has awarded Ghantoot the construction contract for the first 981 villas at Akoya Oxygen.
It said contractor Seidco has won the main contract to build Privé by Damac, a two-tower serviced hotel-apartment project overlooking the canal in the Business Bay area of Dubai. Seidco has also been awarded the contract to build the clubhouse which will serve the Trump International Golf Club, Dubai at the heart of Akoya by Damac.
Civilco will be the main contractor of Celestia, a luxury hotel-apartment development at the heart of Expo 2020 and Al Maktoum International Airport. Reem Capital will build Damac’s luxury hotel apartment’s project, Vantage, in Jumeirah Village.
The Dubai developer recently reported revenues of $2 billion for 2014, a 64% rise on the previous year, driven by its flagship Akoya developments.
But news that it is to pay a stock, rather than cash dividend for the year did not please investors, causing Damac’s Dubai-listed shares to sink.
