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October 12, 2020

DAMAC awards contract for building construction in Dubai

UAE-based real estate developer DAMAC Properties has awarded a contract to Trans Emirates Contracting for the main work construction of a building in the coveted Business Bay neighbourhood, Dubai.

UAE-based real estate developer DAMAC Properties has awarded a contract to Trans Emirates Contracting for the main work construction of a building in the coveted Business Bay neighbourhood, Dubai.

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Under the AED181m ($49.27m) contract, Trans Emirates will start construction on DAMAC’s 26-storey building, called Zada.

DAMAC noted that the latest construction development is significant given the challenges faced by the property market amid the Covid-19 pandemic and subsequent lockdown.

Zada is strategically located within a master-planned community in Business Bay and will offer various amenities such as a swimming pool, a children’s playground and a fitness centre, among others.

As the building is located in one of Dubai’s most sought-after neighbourhoods nearby Burj Khalifa, residents will have access to the best shopping, dining and entertainment experiences.

DAMAC Properties senior vice-president Niall McLoughlin said: “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 our progressive journey.

“The new contract with Trans Emirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest quality standards, and our Zada project is a reaffirmation of our success in the luxury real estate development sector.”

In October 2018, DAMAC announced the completion of the raft foundation for Tower C of Dubai’s $2bn multi-tower Aykon City master development on Sheikh Zayed Road near Dubai Canal.

Related Companies

Free Report
img

Internet of Things set to transform the construction industry

The Internet of Things (IoT) is proving hugely beneficial to the construction industry, allowing different assets and people to be monitored and accounted for across a traditionally fragmented industry. As a result, companies that invest in IoT now promise to make long-term gains in the industry. According to GlobalData forecasts, spending on IoT in construction will reach $9.6bn by 2025. For an industry that has large sites to manage, strict project timelines, hazardous working conditions, and tight profit margins, IoT can create a manageable view of construction sites for project managers, streamline operations, and protect workers. In addition, it allows real-time data streams of assets, automates time-consuming tasks, and ensures employee safety and productivity. IoT integration with equipment manufacturing also has rich advantages for asset monitoring sensors. This, combined with artificial intelligence (AI) can help forecast materials and workers needed during the procurement stage and assist in forecast financing. Read GlobalData’s whitepaper to find out more, including information on:
  • IoT value chain
  • Market size and growth forecasts
  • Mergers and acquisitions
  • Leading IoT adopters in construction
  • Specialist IoT vendors in construction
Don’t get left behind – find out how IoT can fortify your operations and make investments now.
by GlobalData
Enter your details here to receive your free Report.

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