Damac Properties awards Arabtec with AED 424mln deal| MENAFN.COM

Wednesday, 29 June 2022 10:43 GMT

Damac Properties awards Arabtec with AED 424mln deal


(MENAFN) On Wednesday, Arabtec Holding announced that its wholly owned subsidiary Arabtec Construction was awarded a contract from Damac Properties for the construction of 916 villas in the Akoya Oxygen Master Development.

This real estate contract is valued at AED 424 million, according to a bourse filing to the Dubai Financial Market (DFM) on Wednesday.

The project includes 329 units in Mimosa, 419 units in Basswood, and 168 units in Amazonia extension located in Phase 6 of the Akoya Oxygen Master Development.

"The 3 phases comprise a built-up area of approximately 148 thousand square meters and will take 22-months to complete, commencing in March 2018," the statement noted.

Akoya Oxygen is a 55-million-square-foot master development which will showcase the greenest living spaces in Dubai.

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