Arabtec wins the third Damac’s contract for Akoya Oxygen


Damac Properties, the leading UAE-based real estate development giant, announced that it has awarded a $81m contract to Arabtec Construction to construct more than 475 villas in Akoya Oxygen, one of Damac’s iconic under-construction master developments. The contract is due for completion and delivery in the first quarter of 2020.

This marks the third contract Arabtec wins in the same project, the first being a $171m deal for more than 1000 villas in 2017, and the second being a $115m contract for 900 villas in March 2018.

In his comment on winning the contract, Hamish Tyrwhitt, CEO of Arabtec Holding expressed the company’s pleasure to be chosen by Damac Properties for the third time to win such the contract for such a prestigious project.

On the other hand, Nail McLoughlin, the senior vice president of Damac Properties assured that Damac chose Arabtec because of the contractor’s good reputation for finishing projects on time and according to the highest quality standards.

Situated in Dubailand in a close location to Umm Suqeim expressway, Akoya Oxygen is a $1bn luxurious residential villas development that spans around five square kilometers of land.  The project will house a Trump-branded golf course that is designed by Tiger Woods in the second cooperation between both Damac Properties and the Trump Organization, following Trump International Golf Club which was opened in February 2017.

Considered the first major successful business venture for the Trump Organization in the middle east, Trump International Golf Club earned Damac Properties a world-wide fame.