Damac issues $762m worth of building contracts

Mohammed Tahaineh

Real estate developer Damac Properties has awarded $762m worth of construction contracts during the first five months of 2015.

Awards include the main works packages on more than 1,500 villas within its Akoya Oxygen development, three new apartment blocks at Akoya by Damac and main contracts for three of its hotel apartment projects: Damac Maison Privé, Naia Vantage and Naia Celestia.

Ghantoot Gulf Contracting has been awarded the package to build 981 villas at Akoya Oxygens. Seidco General Contracting has been awarded the contract to build three G+7 complexes at Akoya by Damac, with Pivot Engineering receiving a main works package for the 239 villas in Akoya Park.

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Civilco Civil Engineering & Contracting Co. has been awarded the main package to build Naia Celestia in the Dubai World Central District. Damac Maison Privé will be built by Seidco General Contracting and a contract for Naia Vantage has been awarded to Reem Capital Contracting.

“These awards go a long way to showing our confidence in the Dubai real estate market, and they will ensure a strong pipeline of deliveries,” said Mohammed Tahaineh, senior vice president of commercial at Damac (pictured right with Ali Mohamed Sadeq Al Baloushi of Ghantoot Gulf Contracting).

In addition to the main work packages awarded, Damac Properties has also awarded contracts for construction of the clubhouse at the Trump International Golf Club, Dubai.

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