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Tue 13 Dec 2016 03:45 PM

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Dubai's Damac says awarded contracts worth $1.77bn so far in 2016

Developer says 15 contracts were awarded between Aug and Nov for number of projects

Dubai's Damac says awarded contracts worth $1.77bn so far in 2016

Damac Properties has announced that it has awarded 15 major construction and consultancy contracts valued at AED1.26 billion between August and November, bringing the total value of contracts awarded so far in 2016 to AED6.51 billion ($1.77 billion). 

The latest awarded contracts were related to golf communities Akoya by Damac and Akoya Oxygen, in addition to multi-tower projects Aykon City and Damac Towers by Paramount Hotels & Resorts, the developer said in a statement.

At Akoya by Damac, the contracts cover the main works for construction of villas and apartments in several clusters of the masterplan community. At Akoya Oxygen, the contracts awarded cover main works for construction of villas in addition to roads and infrastructure works, piling as well as consultancy agreements for the provision of design and supervision services related to the clubhouse and sub-stations.  

Mohammed Tahaineh, senior vice president - Commercial, Damac Properties said: “With the handover of 1,350 villas and apartments at Akoya by Damac in the last quarter of 2016, as well as the upcoming opening of the Trump International Golf Club, Dubai during the first quarter of 2017, Akoya by Damac is rapidly progressing and taking shape - on track to becoming a full-fledged community.

"We work with reputable contractors that have vast experience in their areas of specialisation, and strive to mitigate risks in project delivery by awarding various components of the development to a host of contractors.

“In Akoya Oxygen, we continue to achieve significant progress as we have appointed 8 main contractors so far for the construction of 5,676 villas and works have commenced for all,” Tahaineh added.

So far in 2016, Damac Properties said it has launched a number of major projects with a combined value in excess of AED15 billion.

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