Local contractor Arabtec Construction has been awarded contracts totalling AED622m ($169m) by local developer Damac Properties for the construction of residential towers and villas in Dubai.

Arabtec has been awarded AED353m of contracts for the construction of two 30-storey residential towers in Business Bay with 125,178 square metres of apartments. Known as the Reva Residences and Vera Residences, the towers will be built on adjacent plots overlooking Dubai Water Canal. The duration of the contracts is 25 months.

Arabtec has been awarded another AED269m contract by Damac for the construction of villas at the Akoya development. The villas will be built in the Aquilegia cluster and will have a built-up area of more than 86,000 sq m. The contract period is 22 months.

Arabtec Construction has also been awarded a AED222m ($60m) contract by local developer Dubai Properties for the construction of villas in Dubai. The local contractor will build 352 villas at the Amaranta area of Dubai Properties’ Villanova development in Dubailand. The contract duration is 20 months.

In November, Arabtec Construction’s parent company, Arabtec Holding, reported AED67.5m ($18m) of net profit during the third quarter of 2018, more than three times the AED17.8m recorded in the third quarter of 2017.

The third quarter results meant the Dubai-listed construction company recorded a net profit to parent of AED181m on revenue of AED7.2bn for the nine months ending 30 September 2018. The profits were more than double the AED75m made during the same period last year.

The group said at the time that its backlog had increased to AED16.4bn, reflecting a focus on social and economic infrastructure, and industrial sectors. Arabtec says its backlog is supported by AED45.8bn of identifiable opportunities within its addressable market.