Arabtec Construction wins two Damac contracts worth $169m
The listed Arabtec Holding's subsidiary will work on Damac projects in Dubai's Business Bay, and the Akoya community
Development giant Damac has awarded construction contracts totalling $169.3m (AED622m) to the construction subsidiary of fellow Dubai-listed contractor Arabtec Holding.
One set of Arabtec Construction's wins are for work at Damac’s two planned residential towers, Reva Residences and Vera Residences, both located together in Business Bay and overlooking the Dubai Water Canal.
The projects involve the construction of 12.5ha of luxury apartments across the towers, both of which are each 30 floors high. Contract works will start immediately and last 25 months, Arabtec said.
“[The towers’] strategic location places them in close proximity to popular neighbourhoods and tourist attractions, including the Downtown Dubai district and upscale communities along the Sheikh Zayed Road,” the contracting giant said.
Speaking on the win, Hamish Tyrwhitt, Arabtec Holding’s group chief executive officer added: “The on-boarding of repeat business from our clients is testament to the strength of our relationships and our commitment to delivering projects in our core competencies and core markets.”
In a separate announcement, the company also announced a $73.2m (AED269m) contract win for the construction of luxury villas in the Aquilegia cluster – comprising a built-up area of more than 8.6ha – at Damac’s Akoya community. Contract works will start immediately, Arabtec said, lasting 22 months.
Both wins were announced days after Arabtec Construction was revealed to have won a $60.4m (AED222m) contract to build 352 villas at Dubai Properties’ Villanova master development in Dubailand.
November 2018 also saw Spanish firm Técnicas Reunidas appoint Arabtec subsidiary Target Engineering to carry out a $141.8m (AED521m) mechanical and electrical works contract at Abu Dhabi National Oil Company’s Onshore’s Bu Hasa Integrated Field Development project.