Damac to hire $1bn Paramount project builder soon

Company chief says it is aiming to appoint contractor for Damac Towers by Paramount by July

Dubai-based developer Damac has said that it is aiming to have a contractor appointed to build the new $1bn Damac Towers by Paramount scheme in Downtown Dubai by July.

Managing director Ziad El-chaar told Construction Week: "The project is moving very quickly. The sales pace was very quick. We achieved approximately AED1bn ($272m) in terms of sales in the first two phases and we opened the third phase ten days ago."

"They are finishing enabling and piling works by the end of June and the main contractor should be mobilising to site by the middle of July.

The project is a series of four towers linked via a podium level. One of the towers will contain the first Paramount-branded hotel in the region - and the first to be operated by Damac - while the other three will contain serviced apartments.

The podium level will contain 12 food & beverage (F&B) units, including ten 10 themed restaurants and two cafes and lounges

"We are collaborating with the consultants of Paramount hotels, who are bringing some consultants from Las Vegas to add the movie flair into the F&B," he said.

"We will be completing by the end of 2015. This is the aim today. We know it's an aggressive target - we're going to try to make that target and if we miss it we will not miss it by more than six months."

El Chaar said that Damac is showing "a determination to build quickly" on its projects. He cited the example of The Distinction - a 195 metre, 53-storey serviced apartments tower in Downtown Dubai which was launched in December 2012 and is already built beyound its podium to fifth floor level. It is being built by contractor ANC.

"This is what we’ve learned from 2008. You need to build quickly."

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules


I think this is one of the greatest projects going to be build with quality finish ,new idea ,and wonderful location.

Posted by: MdB

it's an awesome project, very well located and overall, intersections gives this plot and project some privacy.

Posted by: Pat

i like the project but the location is between intersection of bridges on al khail road

All comments are subject to approval before appearing

Further reading

Features & Analysis
Railways are huge priority for the GCC

Railways are huge priority for the GCC

Rail has the potential to dramatically affect Gulf economies...

Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

Cash crunch at Saudi firm casts shadow over Lebanon's Hariris

The troubles at Saudi Oger have led to a cash crunch and layoffs...

Abandoned in Saudi desert camps, migrant workers won't leave without pay

Abandoned in Saudi desert camps, migrant workers won't leave without pay

Plight of workers has alarmed their home countries and drawn...

Most Discussed