Damac in deal with Zetas ATS

Damac Properties has appointed Zetas ATS Foundation Technology as the enabling works contractor for its Damac Heights project, located in Dubai Marina.

The enabling works will begin this month on the 98-storey residential tower with completion scheduled for June 2009. This brings the total value of the nine contracts awarded by Damac so far in 2008 to over Dh1.14 billion.

Speaking about the contract, Peter Riddoch, CEO of Damac Properties, said: "Delivery is the most important aspect of a real estate deal. The UAE's property boom has lead to a high demand and shortage of construction facilities. To overcome this challenge, Damac is employing extra resources to ensure our customers get their homes as quickly as possible.

"Work is in progress in all of our projects; this year alone we have awarded contracts for nine projects and we will be awarding more contracts in the near future."

Earlier this month, Damac announced its plans to deliver over 2300 units in 2008, followed by an additional 7100 units in 2009/10.

"Zetas has a reputation for delivering quality and efficiency and Aedas, our concept architects for this project, is a firm recognised worldwide for their creative building designs. Both our partners on this project have extensive experience and high credibility and we are confident that this expertise will assist us to deliver a unique, high-end project," Riddoch said.

A private sector company, Damac Holding has now grown into a global conglomerate with more than 7,000 employees in 18 countries.