Damac Properties nears $1bn mark with 2017 contract awards

Damac Properties has awarded more than 370 contracts with an estimated total value of $952.9m (AED3.5bn) since the beginning of this year.

The UAE-headquartered developer said that these include construction, supplier, and consultancy services, and that the bulk of the contracts have been for its Akoya Oxygen development.

This year alone, the company has entered into construction deals worth $490m (AED1.8bn) for its golf community project.

Last month, the company reported awarding a $171m (AED 628m) contract for the construction of nearly 1,300 villas at Akoya Oxygen, in addition to awarding Multiplex a $310m (AED1.14bn) construction contract for its UK residential project, Aykon London One.

Mohammed Tahaineh, senior vice president (commercial) at Damac Properties, commented: “Damac has awarded more than $952.9m (AED3.5bn) 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 [...] London.

“The Damac Hills community is […] on track for completion. Key contracts are being awarded to accelerate development of the common areas and parks across the 42-million-square-foot (390ha) community, and to finalise construction and finishing work for a large number of units [that are] set for delivery soon,” he added.

Read: Damac awards $381m of contracts in Jan, Feb 2017

According to Damac, more than 1,000 units in Damac Hills were delivered this year, bringing the number of villas and apartments delivered in the development to more than 3,100.

The developer estimated that it has awarded contracts worth $34.6m (AED127m) for Damac Hills since January 2017.

The companies that have bagged contract wins from Damac this year include Arabtec Construction, China State Construction Engineering, Ghantoot Gulf Contracting, Towers Technology Contracting, Mohammed Abdulmohsin AI-Kharafi & Sons, Engineering Construction & Reconstruction (CRC), KEO International Consultants, and the Dubai branch of Simplex Infrastructure Limited.