Damac awards Dhs424m construction contract

08/03/2018 05:23 AST

Damac Properties has awarded another construction contract worth Dhs424 million to Arabtec to build additional villas in AKOYA Oxygen. EFECO (Emirates Falcon Electromechanical Co.), a subsidiary of Arabtec, will be carrying out the MEP works for the project.

This is the second contract to be awarded to Arabtec in the last 12 months and will see it build another 916 villas. In August 2017, Arabtec was awarded Dhs628 million contract to build 1,296 villas at the same master development. In October 2017, Damac awarded further contracts for roads and main works construction for Dhs350 million, bringing the total value of contracts awarded for AKOYA Oxygen since August 2017 to Dhs1.4 billion.

"Damac continues to accelerate construction at AKOYA Oxygen and has awarded a second contract to Arabtec, to continue villa development at our 55-million square-foot green development in Dubailand," said Mohammed Tahaineh, Senior Vice President of Commercial at Damac Properties. "Major construction work is ongoing in almost every part of the master development and you can now see a micro-city forming within the community, as roads and villa clusters continue to fill the area."

The contract covers development across a number of clusters at AKOYA Oxygen and includes 329 units in Mimosa, 419 units in Basswood and 168 units in Amazonia extension located in Phase 6 of the master development. The three clusters comprise a built-up area of approximately 148,000 square meters, and will take less than two years to complete.

Arabtec Group Chief Executive Officer, Hamish Tyrwhitt, said, "We are delighted to have been awarded another project by Damac Properties. The on-boarding of repeat business from our clients is testament to our strengthened relationships across our core geographies and in our core competencies." In October 2017, Damac awarded several other contracts at AKOYA Oxygen, totalling Dhs350 million.

The Gulf Today