DAMAC Properties grants more than $762 million in contracts

DAMAC Properties, a developer of luxury real estate, has awarded more than $762 million in contracts for the first five months of the year.

The contracts include more than 1,500 luxury lifestyle villas for AKOYA Oxygen, three contracts for hotel apartment projects under the names of DAMAC Maison Prive, NAIA Celestia and NAIA Vantage, as well as the construction of three hotel apartment blocks at AKOYA by DAMAC. 

The company signed an agreement with Ghantoot Gulf Contracting to construct 981 villas at AKOYA Oxygen. 

“Ghantoot Group would like to express its thanks to the close relationship with DAMAC Properties, and this project is a quantum leap in the size of the special relationship between the two companies,” Ali Mohamed Sadek Al Baloshi, chairman of the Ghantoot Group, said. “This is the second project that we cooperate with DAMAC Properties, and there are future projects which will be posted. This demonstrates the size of the partnership between the two companies.”

In addition to Ghantoot, Lootah Building & Co will construct the remaining 547 villas in the AKOYA Oxygen community. Seidco General Contracting LLC will construct another three G+7 complexes at the community. Pivot Engineering was awarded the main bulk of the 239 villas based in AKOYA Park.

“As a leading developer across the region, DAMAC Properties only works with the best-in-class companies to deliver the highest standards of luxury to our customers,” Mohammed Tahaineh, senior vice president – commercial for DAMAC Properties, said. “These awards go a long way to showing our confidence in the Dubai real estate market and they will ensure a strong pipeline of deliveries.”