Dubai developer Damac Properties has awarded a $171m contract for the construction of 1,296 villas in Dubai, according to a statement on the Dubai Financial Markets (DFM).
The contract was awarded to the local Arabtec Construction for the Al-Yufrah 2 area at the Akoya Oxygen project in Dubai.
The DFM statement said that work is set to start within the current quarter with the projects completion date expected in two years.
In early July, Arabtec was awarded the contract to build and operate the UAE Pavilion at the Expo 2020 site.
The pavilion is expected to cover up to 15,000 square metres and will include numerous exhibition areas, an auditorium, food and beverage outlets and VIP lounges. It will be located facing Al-Wasl Plaza, which lies at the centre of the 2 million-sq-m exhibition zone.
Masdar is the development manager for the project.