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DAMAC Properties awards $15.90mln AKOYA Oxygen contract
06 April 2017
Dubai-based real estate developer DAMAC Properties on Thursday announced it has awarded 58.4 million dirhams ($15.90 million) main structure works contract for Mulberry cluster villas in its AKOYA Oxygen project in Dubailand to local Towers Technology Contracting Co.
DAMAC said that grading works, final design and mobilization works at the cluster villas have been completed while engineering and deep service works are currently underway.
Akoya Oxygen is a 55 million-square-foot development and houses residential properties surrounding an 18-hole championship golf course; a one million-square-feet central entertainment and retail district that includes a waterway and walkways.
In February, Reuters reported that DAMAC Properties' full-year 2016 net profit was 3.69 billion dirhams ($1 billion), down from 4.51 billion dirhams ($1.23 billion) in 2015. The developer reported a net profit of 854.6 million dirhams ($232.7 million) for the three months to December 31, 2016, Reuters calculated in the absence of a quarterly breakdown. This was up from 844 million dirhams reported for the year-ago period.
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