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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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Damac Properties Dubai PSC : awards $139mn contract to CSCEC

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09/05/2018 | 10:07am CEST

Damac Properties, the UAE-based real estate developer, has awarded a $139 million contract to China State Construction Engineering Corporation (CSCEC) for the construction of Tower C at its luxury mixed-use development, Aykon City, which is located on Sheikh Zayed Road in Dubai.

The project, one of the most ambitious in Damac’s portfolio, is built around the concept of an entire city-like infrastructure within Dubai. The mixed-use development will include premium residential, hospitality and commercial units, with access to the 3.2km long waterway of the Dubai Water Canal, a statement from Damac said.

The new contract awarded to CSCEC covers the civil construction works for Tower C, which is a residential tower in the $2 billion development and overlooks the canal.

“CSCEC shares our commitment to quality, safety and timely delivery. After a thorough tendering process, we have chosen to expand the Chinese group’s remit in the Aykon City project beyond Dh1.1 billion, having awarded them the contract to build tower B earlier this year,” said Ali Sajwani, general manager of operations at Damac Properties.

“We also look forward to seeing the towers of Aykon City complement Dubai’s distinctive skyline and one of the world’s greatest urban transformations, the Dubai Water Canal.”

Known as ‘The Residence’, Tower C will have a total built up area of 1.8 million square feet. It will feature studio, one- and two-bedroom apartments, all with high-end interiors and finishing, Damac said.

The 62-storey tower is made up of two basement levels, a podium with a ground floor and 10 levels, a dedicated lifestyle and entertainment level, 48 residential floors and a rooftop. Furthermore, the tower will also host ‘The Club’, a residents-only lifestyle and entertainment space with views of the Canal and Safa Park.

The post Damac Properties awards $139mn contract to CSCEC appeared first on Middle East Construction News.

(c) 2018 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 7 700 M
EBIT 2018 2 557 M
Net income 2018 1 729 M
Finance 2018 4 017 M
Yield 2018 8,87%
P/E ratio 2018 4,89
P/E ratio 2019 4,70
EV / Sales 2018 1,07x
EV / Sales 2019 0,90x
Capitalization 12 282 M
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 9
Average target price 2,73  AED
Spread / Average Target 34%
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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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