UAE Focus

Damac Towers by Paramount Hotels and Resorts .. opening this year.

Damac Towers by Paramount Hotels and Resorts .. opening this year.

Damac awards contracts worth $117m in Q1

May 2019

Dubai-based Damac Properties has announced the awarding of multiple contracts worth Dh430 million ($117 million) in the first quarter of 2019, as it moves ahead with key UAE projects.

The contracts range from large construction works at Damac’s second master community, to final touch-ups for developments that are near completion in the UAE.

Damac awarded 41 per cent of contracts for works at its master development Akoya, while16 per cent of contracts were awarded for Damac Hills. Also, four per cent was awarded for the final works on Ghalia Tower, the first Sharia-compliant luxury furnished apartments, 12 per cent for the completion of Damac Towers by Paramount Hotels and Resorts, and 21 per cent more for other projects. Additionally, the developer has signed six per cent contracts, which cover feasibility studies on perspective projects and opportunities.

On the developer’s growth, Ali Sajwani, general manager of operations at Damac Properties, said: “Dubai is not just a place to grow professionally, but also an ideal destination to raise a family. As a perceptive real estate developer that evolves in tandem with its vibrant home city, we have amplified our focus on building holistic communities which attract a sizeable portion of Dubai’s diverse cultural and economic demographic; hence, over 50 per cent of these contracts were awarded towards our master community projects, with 97 per cent of contracts awarded within the UAE.”

2018 was a busy year for Damac as it delivered 4,100 units, the highest number of units completed by the company within a calendar year. This year will see a slew of handovers including Ghalia Tower, which is expected to be handed over soon.

Specific clusters of Akoya will also be delivered in Q2 2019, whereas Q3 will see the final unveiling of Damac Towers by Paramount Hotels and Resorts Dubai, which started welcoming residents in 2018. Aykon City, one of Damac’s largest master developments in the heart of Dubai, is rapidly rising above ground and is expected to be ready by 2021, with 15 floors of Tower B already completed.  

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