Arabtec awarded AED 500m contract to build DAMAC Heights at Dubai Marina
DAMAC Properties has announced that it has awarded the main construction contract for its DAMAC Heights project at Dubai Marina to Arabtec.
The AED 500million contract was signed this week and work is expected to commence on site as soon as Zetas complete the enabling works.
DAMAC Heights will be one of the company’s most iconic supertall projects and will occupy a prime position overlooking the Palm Jumeirah. It is within walking distance of another of DAMAC’s flagship projects, Ocean Heights, also being constructed by Arabtec. Work on Ocean Heights is due to be completed later this year.
In announcing the contract award Chairman of DAMAC Properties Hussain Sajwani said: ‘We are delighted to announce that main construction work will be underway soon at one of our most significant projects in Dubai. We are pleased to work once again with Arabtec who are known for their ability to deliver architectural challenging buildings and their consistent and solid reputation in the construction industry.
‘We feel it is a fitting testament to the quality, style and significance of this building that will bear our name that we have chosen such a well respected and established contractor whom we know we can rely on to deliver everything that we expect.’
Commenting on the successful acquisition of the contract Chairman of Arabtec Riad Kamal added: “DAMAC has remained a solid player in the real estate industry in these recent turbulent times which is evident from their continued performance and progress on all fronts.
‘We have been delighted to work with them on their flagship Ocean Heights project at Dubai Marina which is now reaching a successful conclusion - and the awarding of this second major project gives us a further opportunity to develop our successful working relationship.
‘We have a good understanding of each other’s aspirations, expectations and standards and I have no doubt that together we will create a second iconic project of which we can both be proud.’
DAMAC Heights will eventually offer more than 600 luxury apartments in various sizes ranging from one bedroom to duplex units. It will encompass the very latest technology in its heating, lighting and cooling systems and will include state of the art leisure facilities for all the family.
The awarding of the DAMAC Heights contract marks the third major contract that DAMAC has announced this year following on from awards for its Lakeside development at IMPZ and The Corner at Business Bay – worth around AED 484 million. There are more contract awards expected in the summer. This is in addition to the company’s commitment to hand over at least six projects in 2010.
Mr Sajwani added:‘It is an exciting time for us as we conclude a number of our projects in Dubai.
‘This shows that the decisions we have made and the priorities we have focused on during this last difficult year have paid off for our customers who can now look forward to taking delivery of their units.
‘Our intention to continue awarding significant new contracts is all part of our overall strategy to ensure that there is business continuity and activity at a variety of levels within the company’s portfolio of developments.’