Media ININ Economy We Trust
Media IN/ 25th April, 2019
As it moves ahead with key UAE projects, DAMAC properties has announced the awarding of various contracts worth AED430 million,. The contracts, awarded in Quarter one (Q1) of 2019, range from large construction works at DAMAC’s second master community, to final touch-ups for developments that are near completion in the UAE.
Among the contracts that were awarded by DAMAC include the following;
- 41% of contracts were awarded for works at their master development “AKOYA”
- 16 percent of contracts were awarded for DAMAC Hills.
- 4% was awarded for the final works on Ghalia Tower, the first Sharia-compliant luxury furnished apartments
- 12 percent for the completion of DAMAC Towers by Paramount Hotels and Resorts
- 21 percent more for other projects.
- 6% of contracts has been assigned to the developer, which cover feasibility studies on perspective projects and opportunities.
The General Manager of Operations at DAMAC Properties, Ali Sajwani said;
“There is a renewed sense of positivity in the UAE’s Economy, spurred by dynamic government initiatives to diversify growth. These contracts are a sign that DAMAC is on board, as we continue to focus our efforts on timely handovers.”
On the developer’s growth, Sajwani added,
“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 percent of these contracts were awarded towards our master community projects, with 97 percent of contracts awarded within the UAE.”
