Damac awards $49m construction contract for Business Bay development

Damac awards $49m construction contract for Business Bay development

Damac Properties has awarded a AED181 million ($49m) deal to Trans Emirates Contracting LLC for the construction of Zada, a 26-storey building in Dubai's Business Bay.

According to the Dubai Land Department, August saw an 11.3 percent increase in sales compared to the same month last year, recording AED 4.72 billion in sales.

Dubai-based developer set to focus on villas and properties up to 15 storeys going forward

Niall McLoughlin, senior vice president, Damac, said it was against the backdrop of this confidence that has seen the company press ahead with existing projects, despite the economic turmoil caused by the coronavirus pandemic.

“We have a strong business model and infrastructure that enables Damac to grow, develop, and advance, despite any challenges we may face. This is a reflection of our organisational capacity to continue