DAMAC Properties Awards 15 Major Contracts Worth AED 1.26 Billion from August to November 2016

December 14, 2016

DAMAC Properties today announced that it has awarded 15 major construction and consultancy contracts valued at AED 1.26 billion during the period between August and November 2016, bringing the total value of contracts awarded so far in 2016 to AED 6.51 billion for projects in Dubai and the UK.

The awarded contracts are for the provision of services related to several projects in Dubai including DAMAC Properties’ two golf communities AKOYA by DAMAC and AKOYA Oxygen, in addition to multi-tower projects AYKON City and DAMAC Towers by Paramount Hotels & Resorts. At AKOYA by DAMAC, the contracts cover the main works for construction of villas and apartments in several clusters of the masterplan community. At its second master planned community, 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 commented: “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.”

“The overall progress of the golf infrastructure work of AKOYA stands at 95%. Trump PRVT, scheduled for handover during Q1 2019, will mark the completion of the entire AKOYA by DAMAC master development. 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 concluded.

The golf course construction packages at AKOYA Oxygen have been awarded and works are under progress. The backbone infrastructure design is completed, mobilization works are completed and engineering works are in progress. Designs of several clusters are completed and several main contractors are appointed.

To deliver these works, DAMAC Properties has appointed some of the industry’s major local and international names such as Ghantoot Gulf Contracting, Al Arif Contracting LLC and National Piling (NPC), amongst others.

China State Construction Engineering Corporation was also among the key appointments during this period, with the largest contract valued at AED 554 million, comprising the main works package for the residences at Paramount Tower Hotel & Residences, located in Dubai. In addition to this residential and hospitality tower project, DAMAC Properties  also appointed contractors for the provision of enabling works and shoring works at AYKON City, located on Sheikh Zayed Road and overlooking Dubai Canal.

So far in 2016, DAMAC Properties has launched a number of major projects with a combined value in excess of AED 15 billion. The new range of projects comprised AYKON City hotel apartments and hotel rooms, AYKON City residential apartments, XV Villas at AKOYA by DAMAC, The Beach by Maison De Ville, Tower 108, AKOYA Cuatro Villas, AKOYA Imagine, AKOYA Imagine plots, AKOYA Imagine 2.0, AKOYA Fresh, AKOYA Selfie and DAMAC Maison Privé, DAMAC Maison Majestine, DAMAC Maison De Ville Artesia, DAMAC Maison De Ville Tenora and DAMAC Maison De Ville Celestia, in addition to Trump PRVT.