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Damac Properties awards AED 299m contract to Arabtec’s unit

Damac Properties awards AED 299m contract to Arabtec’s unit
Villas are planned to be completed in the next 16 months.
Arabtec Holding
ARTC
-3.29% 0.53 -0.02
Damac
DAMAC
0.00% 1.40 0.00

Dubai – Mubasher: Arabtec Holding on Wednesday announced that its 100% subsidiary Arabtec Construction has won an AED 299 million ($81.42 million) contract from Damac Properties

Under the agreement, Arabtec Construction will establish 478 luxury villas in AKOYA Oxygen project, according to a statement to the Dubai Financial Market (DFM).

Arabtec Construction's owner further noted that villas are planned to be completed in the next 16 months.

“We are delighted that DAMAC continues to show confidence in Arabtec Construction through the award of our third project at the AKOYA Oxygen master development, further building on our longstanding relationship,” CEO Hamish Tyrwhitt stated.

Earlier on Wednesday, Arabtec Holding noted that its 100% unit has been awarded an AED 311 million contract to construct the Public Realm in Concourses and Arrivals Plazas at Expo 2020 location.