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A partner’s perspective on working with Sharakat

Saudi Arabia’s water scarcity is at the centre of a blossoming infrastructure market, with private partners at its core. Its prosperity is reflected in the success of a number of flagship projects

By SHARAKAT

Dubai developer Damac Properties has appointed China State Construction Engineering Corporation as the main contractor for work on its Paramount Tower Hotel and Residences in the Business Bay area of Dubai.

The AED554m ($150m) contract will see the Chinese firm carry out the main building work, which is expected for completion in the first quarter of 2020.

The project is being developed by Namaa Properties, an affiliate of Damac.

Located in the Downtown area close to the Burj Khalifa metro station, the project involves building a mixed-use tower with 37 levels of hotel and 27 floors of residences. There will also be levels for a health club, restaurants and other amenities, as well as basement and podium parking.

The consultant is the local La Casa Architects & Engineering Consultants.

In February this year, Damac launched a six-tower project called Aykon City on Sheikh Zayed Road, overlooking the under-construction Dubai Canal.

The 371,612-square-metre scheme, located on the eastern and western sides of Dubai’s main artery, is being developed in collaboration with the local Meraas.

Aykon City will comprise the 80-storey Aykon Hotel and Residences, the 63-storey Damac Maison Serviced Hotel Residences, a 60-storey apartment tower, a 65-storey office tower, and two 30-floor luxury residential towers.

The local National Piling Company is working on the enabling works of the project, with the main construction tender expected within six months.