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Damac awarded $1.77bn of contracts in 2016

Image Source: Damac

Damac Properties has awarded $1.77bn (AED6.51bn) worth of contracts in Dubai and the UK during 2016.

The UAE-based developer awarded 15 major construction and consultancy contracts, valued at $343m (AED1.26bn), from August to November 2016.

The contracts awarded during this period were for services related to projects including Akoya by Damac, Akoya Oxygen, Aykon City, and Damac Towers by Paramount Hotels & Resorts.

Commenting on the contract awards, Mohammed Tahaineh, senior vice president – commercial at Damac, said: “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 [master-planned developments] to a host of contractors.”

Contracts at Akoya by Damac covered the main construction works for villas and apartments in several of the master-planned community’s residential clusters.

At Akoya Oxygen, the deals covered main construction works for villas, infrastructure works, and consultancy agreements for the provision of design and supervision services related to the development’s clubhouse and substations.

China State Construction Engineering Corporation Middle East (CSCEC ME) won the largest deal from Damac with a contract valued at $151m (AED554m). The package relates to main works for the residences at Paramount Tower Hotel & Residences.

Recipients of Damac’s other 2016 contract awards include Ghantoot Gulf Contracting, Al Arif Contracting, and National Piling.

 

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