By Shane McGinley www.arabianbusiness.com
Dubai real estate developer Damac Properties is competing with rival Emaar Properties to secure the contract to develop a villa and golf course project, estimated to be worth around AED1bn ($270m), within the compounds of the emirate’s new airport, a senior aviation official exclusively told Arabian Business.
“We are in negotiation stage, with Emaar on one side and Damac on the other side. No decision had been made,” Khalifa Al Zaffin, executive chairman of Dubai World Central (DWC), a master development which includes the new Al Maktoum International Airport, said on the sidelines of a press conference at DWC on Wednesday.
Earlier this year, when asked how much the project would be worth, Al Zaffin said it would “probably” be in the region of around AED1bn ($272m). While a decision on the awarding of the contract was expected by the end of the year, Al Zaffin said this could come sooner: “I think we will accelerate from now on”
Emaar, the emirate’s largest listed real estate developer, is best known for building projects including the Burj Khalifa and Downtown Dubai, while Damac recently announced luxury projects in association with the Paramount Hollywood film studio and New York business mogul Donald Trump. More info