DAMAC Awards $952 Million GCC Project Contracts

Damac Properties, a leading luxury real estate developer in the Middle East region, has awarded more than 370 contracts worth Dh3.5 billion ($952 million) since January this year.

The contracts included construction, supplier and consultancy services across its portfolio of developments, said a statement from Damac.

The bulk of contracts awarded this year have been for Damac’s largest master golf community, Akoya Oxygen, with major construction ongoing across the 55-million-sq-ft development.

Damac has, for this year alone, entered into contracts worth Dh1.8 billion, appointing highly-reputed partners to deliver the construction works for Akoya Oxygen, it stated.

On the new contracts, Mohammed Tahaineh, the senior vice president (commercial), said: "Damac has awarded more than Dh3.5 billion in contracts so far this year, across more than 20 of its projects which include two golf communities as well as residential and hospitality tower projects across Dubai, Jeddah, Riyadh and our premiere luxury project in London."

“The Damac Hills community is developing on schedule and is on track for completion. Key contracts are being awarded to accelerate development of the common areas and parks across the 42-million-sq-ft community, and to finalise construction and finishing work for a large number of units set for delivery soon,” he added.

Source: Trade Arabia