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Arabtec wins $171m Akoya homes contract from Damac

Damac Properties has awarded Arabtec Construction with a $171m contract to develop 1,296 villas at Damac’s Akoya Oxygen master development

Hamish Tyrwhitt, Group CEO, Arabtec and Mohammed Tahaineh, senior vice president, Commercial, Damac, at the deal signing ceremony.
Hamish Tyrwhitt, Group CEO, Arabtec and Mohammed Tahaineh, senior vice president, Commercial, Damac, at the deal signing ceremony.

Damac Properties has awarded Arabtec Construction a $171m (AED628m) contract to develop 1,296 villas at its Akoya Oxygen master development.

Arabtec will begin construction this quarter at the 511ha development in Dubailand.

Work is expected to be completed within 24 months.

Remarking on the contract award, Mohammed Tahaineh, senior vice president of commercial at Damac Properties, said: "With Arabtec, we are confident that the momentum and steady progress at Akoya Oxygen will remain on track right through to project completion."

Amenities at Akoya Oxygen include an 18-hole championship golf course, along with an organic produce market, hydroponic café, luxury wellness centre, an outdoor yoga enclave, and retail outlets featuring well-known brands.

 

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Construction Week - Issue 764
May 31, 2020