31 December, 2018

Arabtec’s unit wins $73mln contract by Damac Properties

Arabtec Construction will be in charge of the construction of luxury villas in AKOYA community in Dubai

Dubai - Mubasher: Arabtec Holding, listed on the Dubai Financial Market (DFM), on Monday announced that its wholly-owned subsidiary Arabtec Construction has been awarded an AED 269 million contract by Damac Properties.

Upon this contract, Arabtec Construction will be in charge of the construction of luxury villas in Damac’s AKOYA community in Dubai, according to a press release.

The villas will be built in the Aquilegia cluster that consists of a built-up area of more than 86,000 square metres, Arabtec said.

Construction work will commence immediately with a construction period of 22 months, the Dubai-based company noted.

“We are delighted that DAMAC has again selected Arabtec Construction to deliver the most important element within the AKOYA community. This marks another residential villas project, demonstrating Arabtec Construction’s strength and core competency in the building sector,” Arabtec’s CEO Hamish Tyrwhitt commented.

Spanning a 55 million-square-foot, AKOYA community features an 18-hole championship-style golf course and lush landscaping. The community will also offer shopping, retail, entertainment, and hospitality outlets.

Source: Mubasher

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