DAMAC awards $163m Dubai luxury tower construction contract

expat network

DAMAC awards $163m Dubai luxury tower construction contract

DAMAC Properties has awarded a construction contract worth approximately AED 600 million to China State Construction Engineering Corporation (CSCEC) for the construction of one of the towers at AYKON City, DAMAC’s premiere luxury master development on Sheikh Zayed Road overlooking Dubai Canal.

The contract covers main works construction for the tower which consists of serviced apartments within the AYKON City development. The tower includes two basement, ground floor and ten podium levels, in addition to a dedicated lifestyle and entertainment level, 53 residential floors and a rooftop.

“This is a major contract towards the realisation of AYKON City, one of DAMAC Properties’ largest master developments in the heart of Dubai. CSCEC is one of the biggest contactors in the world and after careful consideration of various aspects, we agreed to the proposed partnership. The towers at AYKON City will be yet another iconic addition to this great city’s dynamic skyline, and we are accelerating its development by choosing the right partner for the job,” said Mohammed Tahaineh, Senior Vice President – Commercial, DAMAC Properties.

The enabling work for the tower is already complete and it is estimated that its main construction will use more than 11,000 tons of steel and 94,682 metric cubes of concrete. As per DAMAC Properties agreement with CSCEC, the main works are expected to commence on 1 March 2018.

AYKON City is one of DAMAC’s most ambitious development projects in Dubai. It features a unique concept: that of an entire city like infrastructure within Dubai. The development plan consists of residences, serviced apartments, a hotel and an office space. Offering stunning views of the Dubai Canal, AYKON City will be home to AYKON Plaza, an entertainment and lifestyle hub for the community that includes swimming pools, spa, beach club, cafes, restaurants, yoga and tai-chi areas, as well as a residents-only private recreation space called The Club.

The 4 million sq. ft development project which was launched in February 2016, is located on the eastern and western sides of Sheikh Zayed road at the Safa Park intersection and near the Dubai Canal.

Source: www.damacproperties.com

Click here to find your next overseas job

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.