DAMAC Properties has awarded a contract worth AED1 billion (around SR1 billion) 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 & it is ready for the main contractor to start the construction work.
The duration of the contract with TAV is 33 months. The contract is valued at AED1,059,000,000,00 making it the largest single deal to be awarded by DAMAC Properties.
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 & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centers, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands.
Each tower stretches over 250 meters 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 glamor and California cool lifestyle, synonymous with Paramount Pictures over the past 101 years.
“With the level of quality of our work as well as our expertise in building towers, TAV Construction is the right fit for realizing 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.
‘DAMAC Towers by Paramount’, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall.
SR 1 billion deal for Dubai project
