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Damac awards Dh424 million villa contract to Arabtec
Mohammed Tahaineh and an Arabtec senior executive after signing the contract in Dubai on Wednesday.
This is the second contract to be awarded to Arabtec in the last 12 months and will see it build another 916 villas. In August 2017, Arabtec was awarded a Dh628 million contract to build 1,296 villas at the same master development. In October 2017, Damac awarded further contracts for roads and main works construction for Dh350 million, bringing the total value of contracts awarded for Akoya Oxygen since August 2017 to Dh1.4 billion.
"Damac continues to accelerate construction at Akoya Oxygen and has awarded a second contract to Arabtec, to continue villa development at our 55-million square-foot green development in Dubailand," said Mohammed Tahaineh, senior vice-president of commercial at Damac Properties. "Major construction work is ongoing in almost every part of the master development and you can now see a micro-city forming within the community, as roads and villa clusters continue to fill the area."
Arabtec Group CEO Hamish Tyrwhitt said: "The on-boarding of repeat business from our clients is testament to our strengthened relationships across our core geographies and in our core competencies."
- business@khaleejtimes.com
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