United Arab Emirates-based contractor Arabtec Holding said on Wednesday its main construction arm has been awarded a contract worth 424 million UAE dirhams ($115 million) by private Dubai-based master developer Damac Properties.
The company said the contract covers the construction of 916 villas at Damac’s Akoya Oxygen development off the Al Qudra Road in Dubai and will include mechanical, electrical and plumbing (MEP) work carried out by its subsidiary, EFECO (Emirates Falcon Electromechanical Co).
The villas will be built in three phases covering a 148,000 square metre site, and the work will take 22 months to complete. Work will start this month. Akoya Oxygen is a 55 million square foot master development built around a Trump World-branded golf course.
In a press release announcing the award, Arabtec's group chief executive officer, Hamish Tyrwhitt, said: “We are delighted to have been awarded another project from Damac Properties. The onboarding of repeat business from our clients is testament to our strengthened relationships across our core geographies and in our core competencies.”
Last month, Arabtec published preliminary financial results for 2017, which showed that the company had moved back into profit after a couple of turbulent, lossmaking years.
Arabtec Holding declared a net profit attributable to its parent of 123.1 million UAE dirhams, compared to a prior-year loss of 3.4 billion UAE dirhams.
Revenue also increased by 12 percent to 9.1 billion dirhams.
(Writing by Michael Fahy; Editing by Shane McGinley)
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