Business | Construction

DAMAC Properties Awards Dh1 billion contract

Dh1 billion construction contract was given to TAV over a period of 33 months

  • Staff Report
  • Published: 18:03 September 7, 2013
  • Gulf News

Dubai: DAMAC Properties has awarded Dh1 billion contract to TAV Tepe Akfen Investment (Construction & Operations), Dubai branch. This is the main construction contract on its newly launched project “DAMAC Towers by Paramount,” a luxury hotel and serviced residences in the Burj Area of Dubai.

Enabling work has been completed on site and it is ready for the main contractor to start the construction work. The duration of the contract with TAV is 33 months and the value of this contract is Dh1,059,000,000,00 which is the largest single contract DAMAC Properties has awarded.

The four towers which make up “DAMAC Towers by Paramount” are brought together with a multi level plaza, offering an eclectic selection of themed food and beverage concepts, meeting and events facilities, a screening room, wellness and fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

One tower will comprise of the Paramount Hotel with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences. Developed by DAMAC Properties, the region’s leading luxury private developer, in collaboration with Paramount Hotel & Resorts (PHR-FZ-LLC), the project offers an ambience and reflection of the Hollywood glamour and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.

“We are absolutely delighted to be selected by DAMAC Properties to build this project in Dubai, the DAMAC Towers by Paramount. DAMAC Properties is one of the leading developers of this region and is renowned for the high-end landmark projects that add significant values to the cities they belong. With the level of quality of our work as well as our expertise in building towers, TAV Construction is the right fit for realising such a demanding project. This project will redefine luxury and with its distinguished architecture will mark the stunning skyline of Dubai,” said Yusuf Akcayoglu – Middle East Director, TAV Construction.

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