Damac awards $96m contract to Binladin group

16 September 2013

Subsidiary of Saudi-based contractor to build serviced apartments in Riyadh

Dubai-based Damac Properties has awarded a SR353m ($96m) contract to a subsidiary of Saudi Binladin Group for the construction of a serviced apartment project in Riyadh.

Haramain Gate for Construction will build the 150-metre high Damac Esclusiva Luxury Serviced Apartments on King Fahad road in the Saudi capital.

The tower will include 100 luxury apartments and features interiors designed by Italian fashion house Fendi Casa.

Last week, the developer awarded a $272m contract to Turkey’s TAV Tepe Akfen Investment to build its new luxury hotel and serviced residences project in the Dubai’s Downtown area. The company says the award for the Damac Towers by Paramount is its largest ever in a single contract.

Damac also recently received bids for its Lotus Towers project at Business Bay and has started construction on its Akoya Golf Community in Dubailand, which will include the Trump International Golf Club.

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