Dubai's Damac awards $117m construction contracts in Q1 2019
97% of the projects for which deals were handed are located in the UAE, including Akoya, Damac Hills, and Ghalia Tower
The Hussain Sajwani-led and Dubai Financial Market-listed Damac Properties awarded contracts worth $117.1m (AED430m) in Q1 2019 for several projects that are currently under construction or in their final phases, according to UAE state news agency, Wam.
Of the projects for which contracts were handed, 97% are located in the UAE. Half of these projects are part of Damac's masterplanned developments.
Forty-one percent of the contracts awarded by Damac pertain to construction work at its Akoya masterplanned community, which spans 511ha. Of the remaining contracts, 16% were for the 390ha Damac Hills; 12% for the completion of Damac Towers by Paramount Hotels and Resort; and 4% for final works on Damac’s first Sharia-compliant luxury apartments, Ghalia Tower.
Twenty-one percent of the contract awards were related to projects of which details were not revealed by Damac.
Commenting on the contract awards, general manager of operations at Damac Properties, Ali Sajwani, said: "These contracts are a sign that Damac is on [track] as we continue to focus our efforts on timely handovers.
“There is a renewed sense of positivity in the UAE’s economy, spurred by dynamic government initiatives to diversify growth,” he added.
Some of Akoya's clusters will be delivered in Q2 2019, and Tower B within Aykon City is also on track for handover in 2021.
The company made a profit of $326.7m (AED1.2bn) in 2018, 58% down from its corresponding 2017 figures of $762.3m (AED2.8bn).
Damac delivered 4,100 units in 2018, the highest number it has completed in one calendar year.