Arabtec bags AED628mn Akoya Oxygen contract

Arabtec Construction, a wholly owned subsidiary of Arabtec Holding, has been awarded a AED628mn contract from Damac Properties for the design and construction of the main works for 1,296 villas of the Akoya Oxygen master development.

Arabtec’s group chief executive officer, Hamish Tyrwhitt, commented: “We are pleased to be continuing our long standing collaboration with Damac, 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.”

The 24-month project will commence the third quarter of 2017.

Akoya Oxygen is a 511ha master development that will showcase the greenest living spaces in Dubai and is home to an 18?hole championship golf course. The community will also comprise shopping, retail, entertainment and hospitality components, among others to complement its residential offering of villas, apartments, and serviced units.

Mohammed Tahaineh, senior vice president – commercial at Damac, said: “Damac always chooses to partner with leading contractors and consultants who have a proven track record for delivering quality and efficiency. With Arabtec, we are confident that the momentum and steady progress at Akoya Oxygen will remain on track right through to project completion.”