UAE Focus

Damac awards $762m contracts

July 2015

Leading luxury real estate developer Damac Properties said it has awarded more than Dh2.8 billion ($762 million) in construction contracts in the first five months of 2015.

The 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 projects, Damac Maison Privé, NAIA Vantage and NAIA Celestia, said the company.

Ghantoot Gulf Contracting has been awarded the package to build 981 villas at Akoya Oxygen, while Lootah Building and Company will start work on building 547 villas at the complex. Seidco General Contracting will build three seven-storey complexes at Akoya by Damac as well as Damac Maison Privé. Pivot Engineering received the main works package for 239 villas in Akoya Park while Civilco Civil Engineering and Contracting Company secured the main package to build NAIA Celestia in the Dubai World Central District and Reem Capital Contracting has the deal for NAIA Vantage (See also Real Estate).

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