AED 1 Billion Contract awarded by DAMAC Properties

AED 1 Billion Contract awarded by DAMAC PropertiesDAMAC Properties has awarded contract to TAV Tepe Akfen Investment construction for DAMAC Towers by Paramount. The contract valued at AED 1 billion involves construction of services residences in Burj Area. The company will also construct luxury hotel in a period of 33 months.

DAMAC Properties has planned four towers featuring food and beverage areas, event hosting facility, multi-level markets and plaza. Also, the property will have fitness centers and recreation places for kids. Each tower will be 250 meters high.

The project is a joint venture between DAMAC Properties and Paramount Hotel and Resorts. Three towers will be developed as DAMAC- Paramount joint venture serviced apartments. One tower will house a luxury hotel. Many projects have been successfully finished and launched in Dubai over the last few years. The real estate and rental market has shown signs of strength after the massive downfall registered during the 2008 economic crisis.

The number of travelers in Dubai and UAE has also increased over the past couple of quarters. Dubai is aiming to set itself as shopping and tourist hub along with options for companies to setup their operations in the emirate.