DAMAC Properties has announced the awarding of multiple contracts worth AED430 million, as it moves ahead with key UAE projects. The contracts, awarded in 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.
DAMAC awarded 41 percent of contracts for works at their master development AKOYA, while 16 percent of contracts were awarded for DAMAC Hills. Consecutively, four percent 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, and 21 percent more for other projects.
Additionally, the developer has signed six percent contracts, which cover feasibility studies on perspective projects and opportunities.
Linking DAMAC’s ambition to a positive outlook for Dubai, Ali Sajwani, General Manager of Operations at DAMAC Properties, 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.”