DAMAC Properties Awards AED 2.8 Billion in Contracts in first 5 months of 2015

June 8, 2015

Includes more than 1,500 villas at AKOYA Oxygen and Construction of Three Hotel Apartments Towers

Leading luxury real estate developer DAMAC Properties has already awarded more than AED 2.8 billion in construction contracts in the first five months of 2015.

Mohammed Tahaineh, Senior Vice President, Commercial, DAMAC Properties and Mr. Ali Mohamed Sadek Al Baloshi, Chairman, Ghantoot Group at the contract ceremony

Awards include the main works packages on more than 1,500 villas within its luxury lifestyle community, AKOYA Oxygen, three new apartment blocks at AKOYA by DAMAC and the main contracts for three of its hotel apartment’s projects, DAMAC Maison Privé, NAIA Vantage and NAIA Celestia.

Ghantoot Gulf Contracting has been awarded the package to build 981 villas at AKOYA Oxygen, while Lootah Building & Co. will start work on building the 547 villas. Seidco General Contracting LLC has been awarded the contract to build three G+7 complexes at AKOYA by DAMAC, with Pivot Engineering receiving a main works package for the 239 villas in AKOYA Park.

“Ghantoot Group would like to express its thanks to the close relationship with DAMAC Properties, and this project is a quantum leap in the size of the special relationship between the two companies. This is the second project that we cooperate with DAMAC Properties and there are future projects which will be posted. This demonstrates the size of the partnership between the two companies,” Mr. Ali Mohamed Sadek Al Baloshi, Chairman, Ghantoot Group.
Civilco Civil Engineering & Contracting Co. LLC has been awarded the main package to build NAIA Celestia in the Dubai World Central District, DAMAC Maison Privé will be built by Seidco General Contracting LLC and NAIA Vantage has been awarded to Reem Capital Contracting LLC.

“As a leading developer across the region, DAMAC Properties only works with the best-in-class companies to deliver the highest standards of luxury to our customers,” said Mohammed Tahaineh, Senior Vice President – Commercial, DAMAC Properties. “These awards go a long way to showing our confidence in the Dubai real estate market and they will ensure a strong pipeline of deliveries.”

In addition to the main work packages awarded, DAMAC Properties has also awarded contracts for construction of the clubhouse at the Trump International Golf Club, Dubai, in the AKOYA by DAMAC master development in Dubailand.

Seidco General Contracting LLC is already on-site and work is well underway. Jazeera Emirates Power has also started work on a second sub-station at the 42 million sq ft lifestyle community.

“These awards are the start of a major building programme we have coming up across the course of the year and there will be many opportunities for high quality contractors in the coming months as we release more tenders on our luxury living portfolio,” added Tahaineh.

As of March 31st 2015, DAMAC Properties has delivered almost 14,000 homes and has a development portfolio of over 37,000 units at various stages of progress and planning. Included are more than 10,000 hotel rooms and serviced hotel apartments under development, which will be managed by its hospitality arm, DAMAC Hotels & Resorts.