Dubai's DAMAC announces completion of foundation works for Zada Tower

Originally published on Jan 04, 2021 | Zawya

Dubai's DAMAC Properties announced on Sunday the completion of major foundation works for its Zada Tower project in Business Bay.

The developer said in a press statement that the works were completed within three months of awarding the main contract.

In September, DAMAC had awarded a 181 million UAE dirhams ($49 million) contract to Trans Emirates Contracting for the 26-storey residential building.

"The contractor has fully mobilised the project with the required number of workers and machinery and currently the site is working in both day and night shifts, which has ensured that the progress is on schedule. In fact, it is quite quick progress given the current market conditions due to the pandemic," said Niall McLoughlin, Senior Vice President of DAMAC.

DAMAC has always taken decisive steps to adhere to proper health and safety protocols and the pandemic has only made us more stringent. In November, we logged more than 53 million safe man-hours across our ongoing projects in Dubai," he added.

In November last year, Reuters reported that DAMAC Properties had posted a loss of 544.6 million dirhams ($148.3 million) for the third quarter of 2020 even as revenue climbed 43 percent to 1.3 billion dirhams ($354 million).