Damac awards Arabtec $81m Akoya Oxygen contract
It is the third contract Arabtec has won for Damac Properties' 5km² Akoya Oxygen development, which boasts
Arabtec Construction has been awarded an $81.4m (AED299m) contract to build hundreds of villas for Damac Properties' master-planned Akoya Oxygen community in Dubailand, near Dubai's Umm Suqeim expressway.
The civil construction subsidiary of Arabtec Holding will build 478 villas for the luxury development through what is its third contract for the 5km² project. Akoya Oxygen features a Donald Trump-branded golf course designed by Tiger Woods.
Work is expected to begin immediately and Arabtec said it hoped to complete its scope within 16 months, which would fall during the first quarter of 2020.
Hamish Tyrwhitt, group chief executive officer of Arabtec Holding and one of CW's 2018 Power 100 leaders, said he was pleased with the confidence Damac had shown in Arabtec by awarding the firm its third Akoya Oxygen contract. Niall McLoughlin, senior vice president of Damac Properties, said the construction company had a good reputation for delivering projects "in a timely manner".
Many of the UAE's largest contractors are involved in Damac's billion-dollar luxury villa project, with China State Construction Engineering Corporation Middle East winning an infrastructure package worth $19.6m (AED72m) in June 2018.
Prior to this, in February 2018, Emirates Electrical Engineering picked up a contract to build a 132/11KV substation at Akoya Oxygen.