Development giant DAMAC Properties has awarded China State Construction and Engineering Corporation Middle East (CSCEC ME) an $139m (AED512m) construction contract to work at its Dubai mixed-use development AYKON City.
The deal will see CSCEC ME build Tower C, the residential tower of its $2bn (AED7.bn) mixed-use development which is located off Dubai’s Sheikh Zayed Road, overlooking the Dubai Water Canal.
Known as The Residence, Tower C will have a total built-up area of nearly 16.7ha and will feature studio, one-, two-, and three-bedroom apartments, DAMAC said in a statement.
The 62-storey tower will also boast The Club, an exclusive “residents-only lifestyle and entertainment space” with views of the Dubai Water Canal and Safa Park.
Two basements, one ground, and 10 podium levels, as well as a dedicated lifestyle and entertainment level, 48 residential floors, and a rooftop will make up the planned tower.
Speaking on the news, Ali Sajwani, DAMAC Properties’ general manager of operations, said: “CSCEC ME shares our commitment to quality, safety, and timely delivery. After a thorough tendering process, we have chosen to expand CSCEC ME’s remit in the AYKON City project beyond $299.5m (AED1.1bn), having awarded them the contract to build Tower B earlier this year”.
He added DAMAC was looking 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”.
The Dubai based development giant described AYKON City as one of the group’s “most ambitious development project in Dubai, [with] access to the 3.2km long waterway that runs to the Arabian Gulf, from the Creek in Old Dubai”.
The news also comes amid concerted efforts by the Chinese to engage in more construction projects in the Middle East.
In July the Chinese state-owned engineering giant told Construction Week that it would bankroll its GCC-based business to enhance development of the Belt and Road initiative, the $4tn mega project that aims to connect more than 60 countries across three continents.