Damac Properties has announced the awarding of multiple contracts worth AED430 million ($117 million), as it moves ahead with key UAE projects.
The contracts range from large construction works at Damac’s second master community to final touch-ups for developments that are nearing completion in the UAE.
Damac awarded 41 percent of the contracts for works at their master development Akoya, while 16 percent of contracts were awarded for Damac Hills, state news agency WAM reported on Thursday.
It added that four percent was awarded for the final works on Ghalia Tower, the first Sharia-compliant luxury furnished apartments, 12 percent for the completion of Damac Towers by Paramount Hotels and Resorts, and 21 percent more for other projects.
Additionally, the developer said it has signed six percent contracts, which cover feasibility studies on perspective projects and opportunities.
Ali Sajwani, general manager of operations at Damac Properties, said: "There is a renewed sense of positivity in the UAE’s economy, spurred by dynamic government initiatives to diversify growth. These contracts are a sign that Damac is on board, as we continue to focus our efforts on timely handovers."
Sajwani added: "We have amplified our focus on building holistic communities which attract a sizeable portion of Dubai’s diverse cultural and economic demographic; hence, over 50 percent of these contracts were awarded towards our master community projects, with 97 percent of contracts awarded within the UAE."For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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