PHOTO
01 August 2017
United Arab Emirates-based contractor Arabtec Construction has been awarded a 628 million UAE dirham ($171 million) contract from Dubai-based developer Damac Properties to design and build new villas at its Akoya Oxygen project, according to a notice on the Dubai bourse on Tuesday.
Under the deal, Arabtec will build 1,296 villas at the site in the Al Yufrah 2 area of the city, the contractor said. It expects to start work on site within the current quarter and to complete the project within two years.
Akoya Oxygen is a 55 million square foot master development that will be anchored by a Trump World Golf Club – the second golf club that the Trump Organization, owned by United States president Donald Trump, has designed for Damac. It will also operate and manage the club once it opens, which is expected to be by the end of 2018.
Arabtec Holding’s group chief executive officer, Hamish Tyrwhitt, said: “We are pleased to be continuing our longstanding collaboration with Damac Properties, which demonstrates our track record in delivering projects for our key clients in the UAE.
“Arabtec’s recent awards show that our selective onboarding of projects across our operating businesses is developing a strong pipeline of work aligned with our core competencies and strategic direction.”
Arabtec Holding has said that it is taking a more cautious approach to project bidding as part of its three-year turnaround strategy, which has already seen it raise 1.5 billion UAE dirhams and extinguish more than 4.1 billion UAE dirhams worth of losses through a capital restructuring. It has said that it will focus its turnaround efforts around its three main operating divisions – general contractor Arabtec Construction, MEP contractor Efeco and oil & gas specialist Target Engineering.
© Zawya 2017
United Arab Emirates-based contractor Arabtec Construction has been awarded a 628 million UAE dirham ($171 million) contract from Dubai-based developer Damac Properties to design and build new villas at its Akoya Oxygen project, according to a notice on the Dubai bourse on Tuesday.
Under the deal, Arabtec will build 1,296 villas at the site in the Al Yufrah 2 area of the city, the contractor said. It expects to start work on site within the current quarter and to complete the project within two years.
Akoya Oxygen is a 55 million square foot master development that will be anchored by a Trump World Golf Club – the second golf club that the Trump Organization, owned by United States president Donald Trump, has designed for Damac. It will also operate and manage the club once it opens, which is expected to be by the end of 2018.
Arabtec Holding’s group chief executive officer, Hamish Tyrwhitt, said: “We are pleased to be continuing our longstanding collaboration with Damac Properties, which demonstrates our track record in delivering projects for our key clients in the UAE.
“Arabtec’s recent awards show that our selective onboarding of projects across our operating businesses is developing a strong pipeline of work aligned with our core competencies and strategic direction.”
Arabtec Holding has said that it is taking a more cautious approach to project bidding as part of its three-year turnaround strategy, which has already seen it raise 1.5 billion UAE dirhams and extinguish more than 4.1 billion UAE dirhams worth of losses through a capital restructuring. It has said that it will focus its turnaround efforts around its three main operating divisions – general contractor Arabtec Construction, MEP contractor Efeco and oil & gas specialist Target Engineering.
© Zawya 2017
