This is the second contract to be awarded to Arabtec over the past year and will see the company build a further 916 villas. In August 2017, Arabtec was awarded a AED628 million (USD171 million) contract to build 1,296 villas at the same master development.
In October 2017, DAMAC awarded further contracts for roads and main works construction for AED350 million (USD95.3 million), bringing the total value of contracts awarded for AKOYA Oxygen since August 2017 to AED1.4 billion (USD381.2 million).
Hamish Tyrwhitt, CEO, Arabtec Group, stated, “The on-boarding of repeat business from our clients is testament to our strengthened relationships across our core geographies and in our core competencies.”
Mohammed Tahaineh, senior vice president, commercial, DAMAC Properties, added “Major construction work is ongoing in almost every part of the master development and you can now see a micro-city forming within the community, as roads and villa clusters continue to fill the area.”