Currently worth some $4.7bn according to Forbes, DAMAC Properties has been forging ahead with multiple projects in the past year, handing out construction contracts worth hundreds of millions of dollars. Main contracts awarded earlier this year include those for services related to five projects in Dubai: the golf community AKOYA Oxygen, DAMAC Hills, AYKON City on Sheikh Zayed Road, and the Avanti and Merano Towers in Business Bay.
Among the most high profile developments, DAMAC has under construction is the Paramount Hotels and Resorts in Dubai, which is being built by Chinese contractor CSCEC and is around 90 percent complete. The 64-storey project consists of an 867-key luxury hotel and hotel residences tower on Sheikh Zayed Road and is scheduled for completion in early 2020. Another eye-catching project consisting of four towers is AYKON CITY overlooking the recently completed Dubai Water Canal. Contracts for AYKON City awarded earlier this year include specialist design services and piling works packages.
DAMAC also recently unveiled plans to build a 5-tower hotel in the middle of the Trump World Golf Club, which is set within the AKOYA Oxygen residential development.