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MarketScreener Homepage  >  Equities  >  DUBAI FINANCIAL MARKET  >  Damac Properties Dubai Co PSC    DAMAC   AED001301012

DAMAC PROPERTIES DUBAI CO PSC (DAMAC)
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Arabtec : Construction secures contracts worth $169mn for construction of residential projects

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01/06/2019 | 05:20am EST

Arabtec Construction, a subsidiary of UAE-based contracting group Arabtec Holding, has won two new contracts worth $169 million for construction of residential projects owned by Damac Properties.

Arabtec Construction, which has previously worked with the developer, announced about the wins to the Dubai Financial market, on Monday. One of the contract is worth $96 million and awarded for the construction works at two luxury residential towers, Reva Residences and Vera Residences located in Business Bay. The other contract worth about $73 million is for the construction of luxury villas in Dubai’s Akoya community.

Hamish Tyrwhitt, group CEO at Arabtec Holding said: “We are delighted to have been awarded another project by DAMAC Properties. The onboarding of repeat business from our clients is testament to the strength of our relationships and our commitment to delivering projects in our core competencies and core markets.”

The contract for the first project, residential towers, Reva and Vera Residences comprise the construction of 125,178 sqm across two residential towers each 30 storeys. The contract work will commence immediately and is expected to be finished in 25 months.

The construction work for the second project, residential villas in the Akoya community, will have a built-up area of more than 86,000 sqm and will be built in the Aquilegia cluster. Akoya is a mixed-use development with an 18-hole golf course, and other amenities like shopping, retail, entertainment, and hospitality outlets spread across residential units such as villas, apartments and serviced housing. Contract work will start immediately with a construction period of 22 months.

Commenting on the win, Tyrwhitt reiterated how delighted the company is about Damac Properties choosing them to deliver the most important element within the Akoya community.

The announcement comes after Arabtec Construction was revealed to have won a $60.4 million contract to build 352 villas at Dubai Properties’ Villanova development in Dubailand.

The post Arabtec Construction secures contracts worth $169mn for construction of residential projects appeared first on Middle East Construction News.

(c) 2019 notice Corporate Publishing International. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (AED)
Sales 2018 7 171 M
EBIT 2018 2 157 M
Net income 2018 1 323 M
Finance 2018 3 861 M
Yield 2018 9,09%
P/E ratio 2018 4,43
P/E ratio 2019 4,43
EV / Sales 2018 0,67x
EV / Sales 2019 0,41x
Capitalization 8 652 M
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Mean consensus HOLD
Number of Analysts 6
Average target price 2,22  AED
Spread / Average Target 55%
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Managers
NameTitle
Hussain Ali Habib Sajwani Chairman
Ali Sajwani General Manager-Operations
Adil Mohamed Hassan Taqi Group Chief Financial Officer & Executive Director
Arunan Thayyil Vice President-Information Technology
Farooq Mahmood Arjomand Non-Executive Director
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